Doing Business in BVI Not Easy
Junior Minister Lorna Smith has acknowledged that doing business in the British Virgin Islands remains challenging and urged faster, more responsive action from key government departments. Speaking at a marine industry forum on Tortola, she called for closer public-private collaboration to keep the territory's two main economic pillars — tourism and financial services — competitive.
Junior Minister for Financial Services, Economic Development and Digital Transformation Lorna Smith has publicly acknowledged that doing business in the British Virgin Islands is not easy and urged government agencies to move faster to support the private sector. Smith made the comments earlier this week while addressing a marine industry forum on Tortola.
She told attendees that she would not pretend the business environment is simple, saying plainly that 'it is not.' The minister singled out the Immigration, Labour and Trade departments as critical touchpoints for businesses and said those agencies must provide quicker, more sensible responses. 'When I say we require collaboration, we require them to act quickly, to act expeditiously, and to act sensibly,' Smith said, stressing that public officers must recognise the role the private sector plays in sustaining the territory and, by extension, the public service.
Smith spoke to a familiar concern among local stakeholders: that bureaucratic delays and red tape are undermining the BVI's competitiveness. Representatives from tourism, marine and financial services have repeatedly warned that slow approvals and complex procedures push investors and business owners to neighbouring jurisdictions where processes are perceived as faster and friendlier.
The minister described tourism and financial services as the BVI's 'double engines' and argued that their continued health requires government agencies to be responsive. She acknowledged progress in some areas but conceded there is much work to do, saying 'we have done some things well, but there are a number of things that we ought to do better.' For residents, Smith's remarks underline the link between a functioning private sector and public livelihoods: jobs, government revenue and public wages all depend heavily on the territory's ability to attract and retain business activity.
The marine sector, which hosted the forum, has been especially vocal about regulatory and logistical hurdles that affect operations and seasonal revenue. Smith's call for improved collaboration and speed echoes long-standing demands from business groups. Officials and private-sector leaders will likely need to translate these broad appeals into concrete reforms — from streamlined permitting and inter-agency coordination to measures that make day-to-day interactions more efficient — if the BVI is to stem capital flight and sustain growth in its key industries.
The minister's comments add renewed pressure on public agencies to deliver measurable improvements that stakeholders can see in their day-to-day operations.
Primary source: BVI News