Deputy Premier and Minister for Financial Services, Labour and Trade, Lorna G. Smith, OBE, revealed plans for a Micro, Small, and Medium Enterprises (MSME) Grant Programme during a press conference held on April 4.

Against the backdrop of discussions encompassing minimum wage, labour management systems, business development programmes and financial services diversification, Deputy Premier Smith introduced the transformative initiative.

With a vision to bolster the local economy and empower small businesses, this initiative promises financial assistance to locally-owned MSMEs, paving the way for sustainable growth and prosperity.

“The draft policy for the MSME Grant Programme represents a pivotal step towards fostering an environment conducive to the success of our small business owners,” Deputy Premier Smith declared. “Stakeholder consultations ensure inclusivity, transparency, and effectiveness, laying the groundwork for economic expansion.”

Recognising the challenges faced by SMEs in accessing traditional financing, the government is collaborating closely with the banking sector to promote financial inclusion. “We are committed to overcoming hurdles and facilitating access to financing for SMEs,” affirmed Deputy Premier Smith.

A cornerstone event in this endeavour is the upcoming BVI Business Banking Expo, scheduled for June 6. This dynamic gathering will unite financial institutions, regulators, business owners, and entrepreneurs from across the territory to explore cutting-edge trends and innovations in banking. Moreover, it will provide invaluable advice and guidance to small business owners navigating the complexities of the banking industry.

“The Expo offers a unique opportunity for residents, particularly those in the Sister Islands, to engage with banks and financial institutions,” emphasised Deputy Premier Smith. “It’s a chance to forge meaningful connections, gain insights, and seize new opportunities for growth and development.”

The MSME Grant Programme and the Business Banking Expo underscore the government’s commitment to nurturing entrepreneurship and driving economic resilience.

Republic Bank unveiled its latest offering, the prestigious vertical Mastercard Black credit card, solidifying its commitment to exceptional financial services. The announcement, made in partnership with Mastercard, marks a significant milestone for the pan-regional bank and sets a new standard for premium credit card experiences.

The Mastercard Black credit card represents the pinnacle of Republic Bank’s suite of credit card products, embodying Mastercard’s legacy of quality, reliability, security, and privacy in digital payments. With its sleek vertical design, the card stands as a symbol of sophistication and luxury, tailored to meet the needs of discerning clientele.

Marion Blyden, Managing Director of Republic Bank British Virgin Islands, expressed enthusiasm for the launch, stating, “As the Caribbean’s premier financial services institution, renowned for tailoring solutions to each of our customer segments, Republic Bank is thrilled to debut the Mastercard Black credit card. Offering a credit card of this status is a first for Republic Bank (BVI) and symbolizes our ongoing dedication to ensuring unparalleled service experiences for our clients.”

The Mastercard Black credit card offers a wealth of elite travel benefits designed to cater to the needs of worldly and sophisticated cardholders. In addition to standard credit card perks and quarterly cashback rewards, cardholders can enjoy exclusive advantages such as purchase protection, MasterRental car rental offers, trip inconvenience coverage, MasterAssist Black for comprehensive travel assistance, luggage protection, and more.

Dalton Fowles, Country Manager for Jamaica, Trinidad and Tobago, Barbados, and Eastern Caribbean at Mastercard, emphasized the card’s focus on providing seamless payment experiences and impeccable services.

“Our customers expect and deserve seamless payment experiences and impeccable services at their fingertips, allowing them to do more of what they love,” said Fowles. “The launch of our new Black credit card with Republic Bank fulfills that goal, by providing our cardholders with a suite of exclusive benefits that will enhance their sophisticated lifestyles and guarantee them safe and secure transactions every time.”

The Republic Bank Mastercard Black credit card is now available, and eligible individuals can apply through the bank’s website or by contacting their Client Relationship Manager or Sales Officer for more information.

For more information or to apply for this card, interested persons can visit the website at www.republicbankbvi.com or contact their Client Relationship Manager or Sales Officer.

The government has announced simplified work permit requirements for specific categories of individuals providing short-term services in the Territory.

This initiative, in alignment with the Labour Code, grants exemptions to certain individuals, eliminating the need for extensive processing of work permit applications or waivers.

Honourable Lorna G. Smith, OBE, Minister for Financial Services, Labour, and Trade, emphasized the government’s commitment to creating a streamlined business environment while prioritizing community well-being. Minister Smith stated, “This initiative eliminates the need for processing work permit applications or waivers in these specific cases, saving both businesses and the government valuable time and resources.”

The new policy, outlined in the Labour Code (Work Permit Exemption) (Amendment) Order, 2024, introduces exemptions for three specific categories:

1. Persons providing emergency and humanitarian services: This includes personnel offering emergency response, medical assistance, fire services, and rescue services to BVI-registered businesses, statutory bodies, non-profit organisations, and other entities.
2. Individuals providing essential repairs: Experts with expertise unavailable in the Virgin Islands can now be brought in to repair critical machinery or equipment for the safe and uninterrupted operation of businesses and facilities.
3. Personnel contributing to government and community events: Individuals providing recreational or entertainment services at events sponsored or hosted by the Government, statutory bodies, or registered non-profit organisations are now exempt from work permit requirements.

These exemptions, initially valid for seven days, can be extended upon request, aiming to balance the need for short-term services while safeguarding local employment opportunities.

Businesses or organisations utilising these exemptions must notify the Chief Immigration Officer at least 48 hours in advance of an exempt person’s arrival. In emergencies, notification should occur before their departure from their port of embarkation.

BVI-registered entities inviting exempt individuals must provide them with a letter of invitation, presented upon arrival to the Immigration Officer. For activities involving large groups, the Immigration Department will accept event notification and a comprehensive list of exempted persons instead of individual letters.