The BVI is currently implementing recommendations received via a report that it commissioned in 2014 by the consultancy firm McKinsey and Company. This rebranding comes thirteen years after the initial creation of the BVI International Finance Centre.
The report was commissioned as a result of the modern challenges facing the industry including growing competition. As a result the BVI has set up the Financial Services Implementation Unit whose priority is to implement the ten most pressing recommendations of the forty that were included in the report.
These recommendations include;
- revamping the IFC to make it more focused and skilled.
- Building on service culture, response time and assistance to customers.
- Identifying incentives to attract top companies to the jurisdiction.
- Amending immigration policies to attract necessary skilled labour.
- Focusing on local education at secondary and tertiary levels to develop the necessary qualifications to sustain the industry long term.
- Creating a dedicated business development department to introduce new product and customer ideas.
- Focusing on infrastructure to develop areas such as telecommunications.
- Engaging world class talent to report at high levels of government to coordinate and drive the implementation of the report’s recommendations.
It is hoped that the reform brought about by implementing these recommendations will make the BVI International Finance Centre more apt to cope with the modern challenges that face the industry therefore maintaining its long established position as one of the top jurisdictions for company incorporation.
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