Just over three months ago the BVI was battered by hurricanes Irma and Maria, with both causing significant damage to key infrastructure, including power, water, housing and roads.

However, BVI Finance reports that the immediate activation of comprehensive business continuity plans allowed for core services and operations in the financial services sector to continue either on island or via international networks. This meant there was minimal disruption caused to the clients of the financial and professional services firms based in the BVI. In addition, during the immediate aftermath of the storm financial services was designated a priority area in the government’s recovery plan.

BVI Finance says company incorporations have continued, with the figures for Q3 2017 showing a slight increase on Q2 (413,273 compared to 395,684), despite both hurricanes occurring in September.

A new MicroBusiness Companies Act, which will support SMEs and start-ups, has been passed by the House of Assembly.   Having relocated to St. Lucia while reparations got underway, the commercial division of the High Court has been hearing matters since the end of September. Plans are now underway for the court and its judges to return to the BVI early in the new year.

Lorna Smith, interim executive director of BVI Finance said: ‘100 days on from Hurricane Irma and the BVI’s international business and finance centre continues to thrive. Undoubtedly challenges persist, but I have been delighted at the resilience and speed at which firms have adapted and continued to provide world class advice and services to clients around the world. ‘

Report by Pat Sweet