Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Fraser says BVI businesses treated unfairly

Fraser says BVI businesses treated unfairly

Third District Representative Julian Fraser pressed Premier Andrew Fahie in the House of Assembly on July 31 about what he described as unfair burdens placed on local Virgin Islands businesses, arguing that they should not be subjected to the same fees and regulations as international companies.

Mr. Fahie agreed with Mr. Fraser’s analysis, calling the situation a “harsh reality” and explaining that the VI merged the two company “regimes” in 2004 in order to comply with global standards and regulations.

He pointed out that the HOA passed the Micro Business Companies Act 2017 as “an attractive, cost-effective alternative corporate vehicle for startup entrepreneurs and locally traded companies that do not operate or intend to operate complex structures.”

Mr. Fahie added that the Financial Services Commission is working on ways to operate the “MBC regime” so as to provide relief for local companies.

‘Total nonsense’

Mr. Fraser retorted by calling the MBC Act “total nonsense,” to which Mr. Fahie asked Mr. Fraser to “please share that model with us” that won’t “create any hardship or concerns by the [Organisation for Economic Cooperation and Development] and all those other entities that comment on financial services around the world.”

In another question, Mr. Fraser pushed Mr. Fahie on whether the VI is being “shortchanged” by the financial services industry, comparing the territory to other finance centres like Luxembourg and Monaco.

Mr. Fahie explained that one in ten workers in the territory is employed in the international business and finance sector and that average annual earnings across all sectors amount to about one third of the average annual earnings made by employees in those sectors.

He added that financial services revenues make up about 62 percent of government revenue.

The premier went on to say that employees in the financial services industry stimulate the economy by renting homes and spending money at restaurants and other businesses.

He added that it is “futile” to compare the VI to Luxembourg and Monaco, which have different financial services models, and that the territory’s own industry helps support a sustainable economy with minimal debt and was crucial in aiding the islands after the devastation of the 2017 hurricanes.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×