Business
Work Permit Exemptions for Short-Term Service Providers Expanded
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:
- 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.
- 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.
- 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.
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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Business
Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development
Business
FirstBank Customers Accounts Show Zero or Negative Balances Electronically
– Persons Accessing Cash In Bank
This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.
The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.
“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”
The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.
JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.
While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.
At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.
The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.
JTV News will continue to monitor the situation closely and provide updates as more information becomes available.
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