BVI undertakes study of financial services industry contribution to global economy

ROAD TOWN, BVI -- The government of the British Virgin Islands has commissioned a research study to examine and illuminate the contributions of the BVI’s financial services industry to the global economy.

From 27 June to 29 June, a three member research team from the London based global research firm, Capital Economics, will visit the territory to conduct preliminary research. While in the territory, the research team will meet with representatives from government, the Financial Services Commission and the industry.

The research study, which is being spearheaded by BVI Finance, will be funded by contributions from government and the private sector.

Interim executive director of BVI Finance, Lorna Smith, said, “We are very grateful and impressed by the contributions made by our industry partners to this study. This is evidence of the commitment to the continued viability of our financial services and the results will undoubtedly provide us with much needed data to continue to promote the BVI’s competitive advantage.”

The study will examine the economic, financial and legislative connections between the BVI’s financial services sector and the international community. It is designed to be an authoritative, evidence based piece of work demonstrating how BVI business structures have facilitated global commerce by connecting markets and facilitating global investment, trade and capital flow with a specific focus on the BVI’s impact on the growth of the China economy.

Smith added that the BVI’s popularity as an offshore financial services jurisdiction has always been heavily reliant on our strong regulatory framework and innovative approach to developing products and services that meet the needs of individuals and companies globally.

She said, “The Capital Economics study will provide valuable research, facts and figures to help promote the jurisdiction, assist potential clients in better understanding the benefits of doing business in the BVI and challenge ill-informed voices in the international community seeking to dispute the value that the BVI’s financial services brings to global business.”

Additionally, the study’s findings will help to better inform and educate the BVI public on the Territory’s financial services industry and its impact on their lives.

A similar study was completed by Capital Economics to determine Jersey’s value to the UK.