Virgin Islands Passes Bills to Boost Shipping and Maritime Authority for Economic Growth

The Government of the Virgin Islands has taken significant steps to enhance the capacity of the Virgin Islands Shipping and Maritime Authority to compete internationally. Two important bills, namely the Virgin Islands Shipping and Maritime Authority Act and the Merchant Shipping (Amendment) Act 2022, were passed in the House of Assembly on September 12. These bills aim to empower the authority to strategically respond to market trends and intensify its focus on revenue-generating activities. It is anticipated that these measures will contribute to maintaining and expanding the Territory’s Gross Domestic Product (GDP), ultimately leading to real income increases for residents.

Premier and Minister of Finance, Honourable Dr. Natalio D. Wheatley, expressed the significance of these acts, stating, “Today we propose an additional improvement to our Register and Maritime Administration by establishing the Virgin Islands Shipping Registry as the Virgin Islands Shipping and Maritime Authority.” Premier Wheatley emphasized the need for the Virgin Islands to adapt and remain competitive as markets and commercial environments evolve.

The Virgin Islands Shipping Registry (VISR) is the authorized agency under the Merchant Shipping Act, and this amendment act will authorize the Authority to replace the Virgin Islands Shipping Registry. Additionally, the act grants the Authority the power to appoint the Director, Surveyors, and the Registrar of Ships.

Premier Wheatley highlighted that the establishment of the Authority aligns with the Government’s objectives of economic diversification and expanding the Territory’s revenue-generating capacities. The transition is expected to enhance the Territory’s company registration for the ownership and operation of shipping companies, as well as increase the overall marketability of the Virgin Islands as a maritime tourism destination.

Director of the VI Shipping Registry, Mr. John Samuel, explained that the establishment of an autonomous Board will bring the VISR in line with international standards and the Red Ensign Group of flags, which includes the Cayman Islands, Bermuda, and Isle of Man. This autonomous status will separate VISR from the Central Government administration, providing several advantages such as effective financial management, enhanced responsiveness, improved administrative functions, and fewer bureaucratic constraints for commercial transactions.

To further solidify its position as an effective and modern service provider, government officials are set to attend the Monaco Yacht Show this weekend. This prestigious broker event will offer the VI Shipping and Maritime Authority an opportunity to showcase its capabilities.

The Government of the Virgin Islands remains committed to effective revenue management and economic diversification through the implementation of robust economic policies and decision-making processes.