British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Wednesday, November 28, 2007

BVI Premier Hon. Ralph T. O'Neal Speaking on Offshore and Financial Matters in his Yesterday's Presentation

In his speech on November 27, 2007, the Premier Hon. Ralph T. O'Neal addressed the territory with a report on the main achievements for the first 90 days of work in the office, and on the First Meeting with the UK Government.

In the part of the presentation that concerned the Financial Services Industry, the Premier talked about meeting of the Cabinet and the Financial Services Commission, to discuss their annual report for 2006 and their work plans for 2008.

In the course of discussions, it was decided that the Commission would meet informally with the House of Assembly, in order to discuss with its members the matters related to the financial services industry. Also, it was proposed that a seminar would be held sometime next year for members of the House of Assembly and Permanent Secretaries and senior officials, in order “to get more people in the Territory to understand and appreciate what the financial services industry means to the Territory.”

The Premier very positively evaluated the familiarization visit of a Chinese delegation from the Ministry of Commerce (MOFCOM) of the People's Republic of China that took place on November 8-10. During several meetings with key officials, the Chinese delegation discussed several issues concerning company registration and establishment, exposure of the information of registered companies, Administration of Foreign Exchange and taxes, and co-operation with international and finanacial regulatory institutions.

Today, the Premier leaves the Territory, to attend the ninth annual Meeting of the Heads of Government of the United Kingdom Caribbean Dependent Territories. Among the questions to be discussed at the Conference there are: UK's action plans for combating international corruption, constitutional modernization, OECD harmful tax initiatives, European Union Savings Tax directive, etc. Among other matters discussed there will be the National Audit Office report on the management of risk in the overseas territories.

Premier Hon. Ralph T. O'Neal also has been invited by the House of Commons Foreign Relations Committee to give evidence regarding the Territory, and he expects to have a one to one talk with the Under Secretary of State, Mrs. Meg Munn.

The Premier is planning to hold discussions on the complete purchase and development of the Virgin Gorda airport, - the project that was started in 2002 . He will also visit the famous BVI House, to hold there some of his meetings with the private sector.

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