Smith pushes to cut investment red tape
Junior Minister for Financial Services Lorna Smith says the government is working to reduce bureaucracy and speed approvals to attract more investment to the Virgin Islands. She signalled reforms across trade, immigration and labour processes and promised a modernised Investment Act to streamline incentives and customs exemptions for local businesses.
Junior Minister for Financial Services Lorna Smith has announced a government push to remove bureaucratic obstacles and accelerate approvals in order to make the British Virgin Islands more attractive to investors. Speaking during a Ministry outlook update, Smith said that while the territory will continue to promote its reputation for stability and strong regulation abroad, priority must now be given to improving processes at home so that investment can move more quickly into the economy. "Right now, there is a lot of red tape," she said. "There continues to be significant bureaucracy that we would like to see reduced so that people can move quickly to invest in the territory." Smith said the government has begun engaging key departments to tackle delays, naming trade, immigration and labour as the initial focus of reform discussions.
The minister described recent meetings with the financial services industry and the three departments to identify practical steps for speeding up approvals and cutting unnecessary procedural steps. Smith emphasised that the effort will extend beyond financial services to include the wider commercial sector, with follow-up consultations planned with local businesses.
A central plank of the initiative is a proposed Investment Act, which Smith said is intended to modernise incentives and consolidate concessions that were previously granted under the Pioneer Services and Enterprises Ordinance. The revised framework is also expected to clarify and streamline the process for obtaining customs duty exemptions for equipment and materials needed by businesses. "Let me make this clear: we have to find a way to accommodate the needs of the BVIslanders and their involvement in business and make sure that we don’t hold up the grant of the pioneer status or the exemption from customs duty," Smith said. "We have to find a way to make sure that this is done quickly, and we’re doing so now." Smith said a refreshed investment framework should help attract new developments beyond projects already planned, citing Prospect Reef, Nanny Cay and Norman Island as examples of initiatives that could be complemented by further investment.
She added that the Premier’s economic advisory committee is expected to report soon on measures to support economic expansion. While details and timelines for specific legislative changes were not provided, Smith made clear that improving inter-departmental efficiency remains central to boosting investor confidence, increasing economic activity and supporting local participation in new business opportunities.
Residents and businesses can expect further consultations as the government moves to translate the policy direction into operational reforms.
Primary source: BVI News