The British Virgin Islands is positioning itself to capture a greater share of the global shipping industry, following approval to register large commercial vessels and a new push to attract international maritime business.
The initiative brings together the Territory’s established financial services industry and its expanding ship registry, with a focus on creating opportunities in vessel ownership, registration, corporate services and maritime administration.
According to BVI Finance, the opportunities were explored during a joint industry forum held on Tuesday, November 3, in collaboration with the Virgin Islands Shipping and Maritime Authority (BVI Maritime).
The forum, titled BVI Maritime Expansion: Building the Ecosystem Together, followed approval from the United Kingdom’s Maritime and Coastguard Agency for the BVI to operate a Category 1 ship register, allowing the Territory to register large commercial vessels.
BVI Finance Chief Executive Officer Elise Donovan said the goal is to strengthen the BVI’s international reputation by connecting its financial services expertise with the maritime industry.
“Our goal should be that when people see the BVI name attached to the maritime business, it conveys quality, credibility, and confidence,” Donovan stated.
She explained that the benefits could extend beyond ship registration to additional company incorporations, professional services and opportunities for local businesses.
BVI Maritime Managing Director John Samuel said the Authority is expanding beyond its traditional focus on recreational vessels to accommodate larger yachts and commercial ships.
He outlined plans to strengthen the Authority’s presence in London and Europe, develop international relationships and increase business development activities while maintaining strict regulatory standards.
Business Development Manager Georgios Bazos also highlighted opportunities to attract vessel registration business from shipowners and managers who already operate through BVI companies.
New Opportunities For Superyachts
The forum also highlighted the Authority’s Yacht Engaged in Trade (YET) programme, which allows qualifying privately registered yachts exceeding 24 metres to undertake occasional commercial charters in participating European jurisdictions without changing their registration status.
The programme is already operational, with its first participating yacht having completed charters in France and Monaco.
Participants were also introduced to BVI Maritime’s new corporate identity, designed to strengthen its international visibility. A formal launch is being planned.
BVI Finance said discussions also addressed registration fees, regulatory compliance, service delivery and ways to improve the experience of international maritime clients.
Both organisations committed to continued collaboration and greater international promotion of the Territory’s maritime services.
Meanwhile, BVI Maritime will host an industry training session on November 13 at the BVI International Arbitration Centre, covering vessel registration, compliance requirements, eligibility and business opportunities.
Registration closes on November 9.
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