Business
BVI entrepreneurs receive training from Branson Centre
By MERRICK ANDREWS, Online News Editor
(JTV News) — Twenty-one British Virgin Islands (BVI) entrepreneurs have completed the Branson Centre of Entrepreneurship’s four-month accelerator programme and collected their certificates on January 26, 2023, at the Eileene L. Parsons Auditorium, according to a news release from the H. Lavity Stoutt Community College (HLSCC).
Those who received Certificates of Completion were Aneika Smith, Arona Forbes, Carlie Stanislaus, Dale Mapp, Darrell Ruan, Gabrielle Bardo, Gail Young, Hubert Lennard, Joyceln Ricketts, Kezia Allen, Kristol Penn-Hadaway, Neressa Fraser, Petrona Davies, Riiah Durante, Ruben Mingo, Sandi Boyce, Sasha Creque and Sherry-Ann James.
Shakelah Harrigan, Julie Swartz and Derick Ambrose received Certificates of Participation.
Topics covered in the programme were: Preparing for the Pitch and Developing the Pitch Desk, Developing a Winning Business Model, Growth Strategy, Marketing: Branding and Customer Engagement, Accounting Principles: Statements – Check and Balances; Sales Forecasting and Enterprise Value, Competitive Analysis and Maximising Sales.
According to the release, the programme included a week-long investment readiness BootCamp, a 12-week virtual platform training, and access to mentors and coaches, which provided entrepreneurs with additional training to assist them in navigating the economy, expanding their knowledge, refining their pitch decks, and growing their businesses.
“The Branson Centre of Entrepreneurship supports the development of entrepreneurs through a unique combination of three core activities: Training entrepreneurs to structure their business for growth; holding entrepreneurs accountable for their growth plans through a mentorship programme; and preparing entrepreneurs to access and efficiently manage funding,” the release said.
Vice President of Academic Affairs at HLSCC, Dr. Arlene Smith-Thompson, was quoted as saying in the press release that as part of the college’s strategic plan, “we pride ourselves in partnering with institutions such as the Branson Centre for Entrepreneurship and Unite BVI in the provision of training opportunities that seek to build workforce capacity and reduce unemployment in our territory”.
CEO of the Branson Centre of Entrepreneurship Caribbean, Lauri-Ann Ainsworth, said in the release that her organization was “thrilled to be back in the BVI, supporting and empowering local entrepreneurs through our accelerator programme”.
“We are proud to have played a role in the development of these innovative enterprises and look forward to our continued efforts in fostering the entrepreneurial ecosystem in the BVI,” Ainsworth said.
The programme was funded by Unite BVI, according to the release.
Business
BVI Bank Association Warns Merchants Against Card Transaction Violations
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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