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The British Virgin Islands (BVI), a long-standing jurisdiction for company incorporations, particularly among firms from Hong Kong and mainland China, is considering the feasibility of implementing a global minimum tax rate. The government has enlisted consulting firm KPMG to assess the impact of such a move, with findings expected next month, Premier and Finance Minister Natalio Wheatley confirmed.

The global minimum tax, set at 15 per cent, applies to multinational corporations generating at least €750 million (US$788 million) in annual revenue over two of the previous four years. Under international tax agreements, jurisdictions failing to impose the requisite tax rate may see other countries applying top-up levies on corporations operating within their borders. More than 130 jurisdictions, including the BVI and Hong Kong, have endorsed the initiative.

“Once we receive KPMG’s analysis, we will be in a position to determine whether adopting the global minimum tax is a viable course of action for the Virgin Islands,” Wheatley said.

The Premier arrived in Hong Kong on 16 February as part of an Asia-Pacific tour aimed at reinforcing the territory’s engagement with key financial markets. His itinerary included stops in Macau and Shenzhen, where he met with business leaders, industry representatives, and BVI students pursuing higher education in the region.

The BVI, a British Overseas Territory, has long been a preferred destination for company registrations due to its tax-neutral status, offering no corporate or capital gains taxes. The territory remains a major player in global finance, with approximately 375,000 active companies incorporated within its jurisdiction. Nearly 44 per cent of these are linked to Hong Kong, Macau, and mainland China, according to official figures.

The UK-based advocacy group Tax Justice Network ranked the BVI as the world’s leading tax haven as of October 2024. The group reported that nearly 2.9 per cent of multinational corporate financial activity in 2024 either originated from or flowed through the BVI.

Despite growing international scrutiny and competition, particularly from Hong Kong, Wheatley expressed confidence in the BVI’s enduring appeal to global investors. Hong Kong recently introduced regulatory reforms aimed at simplifying the redomiciliation of overseas companies, positioning itself as an alternative jurisdiction for incorporation. However, Wheatley emphasised the BVI’s well-established legal framework, experienced financial services sector, and streamlined incorporation processes.

“In the British Virgin Islands, a company can be registered within 24 hours while maintaining full compliance with international regulatory standards,” he said. “There is no need to shift from a jurisdiction that continues to meet business needs effectively.”

Meanwhile, the UK government has recommended expanding access to beneficial ownership information in the BVI beyond law enforcement agencies to parties with “legitimate purposes.” The BVI government is conducting consultations to define what constitutes a legitimate purpose, with a decision expected by June.

“We value our longstanding relationships with stakeholders in mainland China, Hong Kong, and Macau and will continue fostering an environment that supports business growth while adhering to international obligations,” Wheatley said.

The territory remains focused on balancing its economic interests with evolving global financial standards.

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Elmore Stoutt High School will transition to virtual learning on Tuesday,  February 25, as ongoing water issues remain unresolved, school officials announced.

In a letter to parents and guardians, Principal Vanessa Garraway stated that the decision was necessary due to the continued disruption. “Unfortunately, our ongoing water issues have not yet been resolved, and as a result, we must transition to virtual learning,” the letter read.

Garraway stressed that students are still expected to participate fully in their lessons. “Please ensure that your child understands this is NOT a free day,” she wrote. “We are continuing with regular instruction, just in an online format. LIVE sessions will be conducted, and students are expected to log in, participate, and engage fully in their lessons.”

The school urged parents to support the transition by ensuring students attend classes and complete their coursework. “We kindly ask for your support in ensuring that your child logs in and engages fully in their lessons,” the letter continued.

No timeline was given for when in-person learning will resume, but Garraway assured parents that updates would be provided as more information on the repair process becomes available. “We understand that this is an inconvenience, and we appreciate your patience and cooperation as we navigate this situation,” she said.

New Life Baptist Church (NLBC) recognised four Virgin Islanders during a special service today. Mrs Bernadine Louis, Mr Milton McLean, Mr Kayron Todman, and Mr Dwight Pickering were honoured as recipients of the NLBC Unsung Heroes award. According to the church, the award acknowledges individuals who have made significant contributions in their respective fields.

With this recognition, the four honourees become part of NLBC’s Virgin Islands Unsung Heroes group.

Additionally, Senior Pastor Dr Howard Simon presented a special recognition to Ms Hilda Malcolm, a longstanding member of the church. The annual recognition is given at the pastor’s discretion to a member for their dedication to the church community.

Malcolm is responsible for sewing the choir’s uniforms, including those worn at today’s service. She also serves as an usher and participates in the Ladies’ Ministry, among other church activities.