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  by pltm
• Jan 20, 2017
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(PLTM) - The government has relaxed its immigration and labour policies to cater to the financial services sector, which will see persons conducting arbitration being exempted from immigration and labour control.

"In 2016, changes to both the BVI Labour Code, 2010 and the Immigration and Passport Act, 2013 were agreed by Cabinet to support more efficient and business-friendly processes including work permit processing and exemption of persons conducting arbitration from immigration and labour controls for a period of sixty (60) days," Premier and Finance Minister, Hon. Dr. D. Orlando Smith said this week.

However, Premier Smith assured that there will be a place for locals in the sector. He said they have also advanced plans to provide BVIslanders with a path to greater entrepreneurship and employment opportunities in the financial services sector.

To this end, a Memorandum of Understanding (MOU) has been agreed upon to achieve this goal.

"It will form the basis for providing training, work experience, counseling and mentoring to strengthen the qualifications and skills of BVIslanders."

He stated that at the Financial Services Institute (FSI), world-class certification and training programmes that are aligned with the current and future needs of the financial services industry will be on offer and BVIslanders will have more tools for success in this industry at their disposal.

Premier Smith said within days, he is expected to receive the findings from the Capital Economics Group out of the UK on the value of BVI financial services to the global economy.

"We eagerly await the results of this objective research which will add even more to the ‘substance’ arguments that we have been developing in relation to the industry and which will help to inform and explain the important and legitimate role we play in the global economy," Premier Smith noted.

He said that this year the BVI will implement the FATF beneficial ownership standard as well as the Common Reporting Standards and expects to join the Inclusive Framework for the OECD Base Erosion and Profit Shifting (BEPS) project.

This, the Premier said, is to ensure that the territory's regulatory standards are maintained at the highest level.

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