• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Comment

Comment: How BVI is keeping connected in a crisis

Comment: How BVI is keeping connected in a crisis
  • Elise Donovan
  • 15 April 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The British Virgin Islands (BVI) has a reputation for resilience and is banking on this to see it through this latest challenge, says Elise Donovan

The covid-19 pandemic is having a significant impact on all of our daily lives as we observe social distance protocols and lockdowns in order to stem the spread of the virus. One area where the curfews are most keenly felt is in our professional life, with remote working the order of the day as offices are closed and we all become intimately familiar with video-conferencing software to conduct important business meetings. Indeed, the descriptive terminology no longer seems appropriate; we are not working from home, but rather at home, during a crisis, trying to work.

Related articles

  • BVI's financial industry registers best year since 2015
  • Comment: Supporting the many, not just the few - IFCs in 2030
  • BVI investment funds not subject to economic substance rules
  • Comment: ESG and the corporate response to covid-19

That said, technology is making the task much easier than it could have been and in the BVI our financial services industry has the in-built infrastructure to allow people to do business with us from anywhere in the world, via the most advanced technologies.

The world’s leading corporate firms, trust companies, law firms and accounting firms can rest assured that the BVI’s global business is still very much open."

Open for business
We are already firmly in the digital era - something the pandemic has only served to bring into sharper focus - and the world's leading corporate firms, trust companies, law firms and accounting firms can rest assured that the BVI's global business is still very much open.

At the heart of this continuity is the Virtual Integrated Registry and Regulatory General Information Network (VIRRGIN); the online heartbeat of industry in the BVI. This means that even during the current conditions, existing businesses can still file - and new companies be incorporated - minimising disruption and ensuring all corporate requirements can be met.

We are mindful of maintaining the usual online safety and security procedures and recently hosted a forum with representatives of the Information Systems Security Association to remind firms of their responsibilities around firewalls, privacy settings and domain policies, especially with new technology platforms being utilised. Additionally, a wider range of certificates have been made available via electronic delivery to meet the needs of clients globally.

Ahead of the curve
Our Government has been quick to react to the unfolding crisis, particularly with regards to safeguarding our economy and our valuable financial services community at the heart of that. The Cabinet recently approved a Financial Services (Exceptional Circumstances) Bill which was introduced into the House of Assembly and, now passed, is a legislative mechanism that can make special and urgent provisions to limit any impact on the sector.

The same law will also modify the application of certain regulatory obligations if exceptional circumstances have been declared, meaning businesses can continue to operate in trying conditions without the fear of penalty.

During uncertain times, stability is more important than ever and BVI Finance has issued its own covid-19 Business Continuity Guide to help businesses transition to this new phase. These are always documents you hope you'll never have to use, but they do provide a valuable resource during periods of change.

In the BVI we pride ourselves on our resilience in the face of adversity and the manner in which we recovered from Hurricane Irma in 2017 gives us recent experience to call on in that regard.

Communicate and collaborate
This is a global pandemic that has reached all corners of the world, but different markets find themselves at varying stages of the cycle. As a truly international finance centre, the BVI is proud to have a robust network of experienced professionals who remain available to do BVI business from locations in Asia, North America, Europe, South America, the Middle East, Africa and around the world.

Keeping digitally connected has never been easier, but it is important that we continue to communicate in the right way and ensure all stakeholders are kept involved and engaged.

There are a number of key attributes we will all need to display in the coming months to give external and internal stakeholders a sense of our priorities. Flexibility will be key as we shift away from usual patterns of working and deal with higher market volatility than before.

Innovation is a valued concept at the best of times, but will be of particular note now traditional procedures are no longer practical. Resilience is another essential trait we will all have to tap into if we are to emerge from this challenge as unscathed as possible. 

Maintaining service levels is another important tenet, both in terms of keeping facilities running where possible and ensuring that standards are upheld to the highest possible level. Last, but by no means least, is the value of teamwork, as we all need to communicate and collaborate to navigate safely through these uncharted waters.

This means staying in touch with colleagues, industry peers and international stakeholders to constantly remind them that whatever further challenges are thrown at us during this period, the BVI remains very much open for business and ready to serve its global client base.

Elise Donovan is CEO of BVI Finance. Subscribe to International Investment's free, twice-daily, newsletter

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Comment
  • Regulation
  • Virgin Islands
  • BVI
  • Elise Donovan
  • BVI Finance
  • Caribbean

More on Comment

US regulator targets 'opaque' money laundering in beneficial ownership notice

  • Regulation
  • 07 April 2021
UAE central bank issues best practice rules for financial products

  • Regulation
  • 06 April 2021
Comment: Covid kickstarts India's reforming economy

  • Comment
  • 31 March 2021
Financial ombudsman service 'unfit for purpose' says think tank

  • Regulation
  • 31 March 2021
Comment: What Asia's growth prospects mean for the global economy

Rising incomes in Asia will probably be the most important investment story of the 2020s. Asia is home to 60% of the world's population, with both China and India each accounting for about 18% of the global total.

  • Comment
  • 30 March 2021
Back to Top

Most read

Will Cardano's coming of age hit Bitcoin and Ethereum?
Will Cardano's coming of age hit Bitcoin and Ethereum?
UK government must 'U-turn' on pension age change
UK government must 'U-turn' on pension age change
UK life office CEO dies
UK life office CEO dies
Dubai financial regulator names new chairman
Dubai financial regulator names new chairman
US regulator targets 'opaque' money laundering in beneficial ownership notice
US regulator targets 'opaque' money laundering in beneficial ownership notice
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading