Ms. Ortiz was a panellist on Tuesday’s Public Eye programme along with the Managing Partner of Simonette Lewis Law Firm, Ms. Helene Lewis and Managing Partner MWM Global Holdings Ltd., Mr. Meade Malone. – According to Executive Director of the BVI International Finance Centre (IFC), Ms. Sherri Ortiz, the financial services sector is still a viable element of the Virgin Islands’ economy.

One major part of the discussions was the recent economic downturn. The Executive Director commented, “I think everyone realises that the Territory was not spared in the throes of the recent economic crisis. Everyone suffered some level of challenge or loss. The financial services industry and our Government are no exception.

Ms. Ortiz noted that due to the crisis, the financial services industry has seen expected reductions, but emphasised that the Territory is still known as the number one corporate domicile, having the highest number of company incorporations globally. She said, “The fact that we are number one in this area is not enough. However, the recent economic crisis proves that once there is impact to that line of business, we stand to suffer unless we have something else to offer.”

The executive director said that in order to maintain viability and create opportunities for sustainability, the Territory would have to “continue to strengthen each and every service offering within all sectors of the financial services industry.”

“This is why the IFC finds it necessary to continue to promote all aspects of our financial services industry, because we have a full range of quality services and solutions to offer. We have to let clients know that they can satisfy any and all of their financial and corporate services right here in the jurisdiction and that we have a highly respected legal judicial system to support their business needs,” she said.
To that end, Mr. Meade Malone commented, “The Territory is such a globally recognised and utilised financial services centre, we have benefitted from being able to offer a wide range of different types of services. This means that people know the Virgin Islands, they know what we do, and they continue to return to access these services.”
Ms. Helene Lewis explained that the economic downturn has also benefitted the Territory in some ways. She explained, “Apart from companies that participate in international transactions, the industry also allows for benefits when these transactions go bad. An insolvency practise facilitates those companies that go bankrupt and need to be wound up legally. This provides work for both lawyers and accountants.”
With regards to company incorporations, Ms. Ortiz shared that although there were decreases in last year’s company incorporation figures, increases were also recorded in all other service areas since the last quarter of 2009, and that these increases provide the industry with encouraging projections for growth and development.
The Public Eye programme will be re-aired on CBN Channel 51 this Saturday at 9:30pm and on JTV Channel 55 on Sunday at 1:30pm. The programme is in line with the department’s local awareness programme.
The BVI International Finance Centre is responsible for the marketing of the Virgin Islands’ Financial Services Industry and promoting the Territory’s reputation as a globally integrated and responsible financial services centre.