BVI Looks for New Niche

BVI Looks for New Niche

Orlando Smith, the new Premier Minister and Minister for Finance of the British Virgin Islands, announced that the government intends to develop innovative new offers in order to strengthen its position as a leading offshore financial center that meets international standards.

The need of new financial services offerings appeared for the services provided by BVI as financial center are no longer unique. The government will review current BVI’s business models. According to Orlando Smith, BVI must add to its arsenal the tools of innovation and unconventional thinking.

The BVI government must publicize the efforts the territory has taken to adopt leading international standards and cooperate with other nations' tax authorities. To develop the private sector BVI must develop cutting edge policies and legislation. To boost the territory's ties with emerging markets, and support clients looking to do business with the BVI particularly from Asia, the BVI government will establish a representative office in Hong Kong.

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