Accompanying the Premier will be Deputy Premier and Minister for Financial Services, Labour and Trade, Lorna Smith, OBE; Ayana Glasgow, Executive Director of International Business Regulations; Kedrick Malone, Governance Reform Delivery Manager; and Kenneth Baker, Managing Director of the Financial Services Commission. His Excellency Daniel Pruce will also attend the meeting with the Overseas Territories Minister.

The delegation’s agenda includes discussions with political leaders, media, and private sector representatives from the financial and professional services industries. Premier Wheatley plans to highlight the substantial progress the BVI has made in implementing governance reforms since the Commission of Inquiry’s unprecedented review of the territory’s governance. To date, 45 of the 48 recommendations have been completed, with legislation for the remaining items moving toward final approval in the House of Assembly.

The meetings will also cover efforts to meet the recommendations of the Caribbean Financial Action Task Force’s Mutual Evaluation Report. These efforts include establishing a Sanctions Unit, revising the national anti-money laundering and counter-terrorist financing strategy, and forming working groups to address risks associated with financial activities.

Climate change is also on the agenda, with meetings scheduled with private sector climate finance experts to address its impact on the Virgin Islands.

Premier Wheatley emphasized the importance of engaging directly with UK officials and stakeholders, stating: “Engaging face-to-face with parliamentarians, officials, regulators, and the private sector is critical to building stronger ties and establishing the modern partnership we seek with the United Kingdom.” A reception hosted by Speaker of the House of Commons, Sir Lindsay Hoyle, will provide an opportunity to strengthen these ties and promote an understanding of the BVI to a broader audience.

The visit is seen as a critical step in continuing to build a stronger relationship with the United Kingdom, focusing on governance, financial regulation, and climate resilience.

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The first round of grants is now open for applications and will remain so until September 30. Application forms are available on the Government’s official website (www.gov.vg). Eligible businesses interested in applying must complete the application forms and submit them via email to mfslt@gov.vg with the subject line “MSME Grant Programme.”

Additionally, the Ministry is seeking experienced professionals to join the Selection Committee for the MSME Grant Programme. This committee will be instrumental in evaluating applications and awarding grants to local small businesses that show significant potential to contribute to the Virgin Islands’ economy. Ideal candidates should possess expertise in business development, finance, or related fields, alongside strong analytical skills and a dedication to fostering economic growth in the community.

Interested candidates are encouraged to apply for the Selection Committee by submitting a cover letter and a current resume or curriculum vitae to mfslt@gov.vg, using the subject line “MSME Selection Committee.”

The Ministry of Financial Services, Labour, and Trade views this as a pivotal opportunity to support local businesses and professionals, with a focus on strategically enhancing the economic landscape of the Virgin Islands through targeted assistance and development initiatives.

Click below link for MSME Grant Application:

https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fbvi.gov.vg%2Fsites%2Fdefault%2Ffiles%2Fmsme_grant_application_edited_version_1.docx&wdOrigin=BROWSELINK

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The decision comes amidst ongoing efforts to review and streamline work permit processes.

While the Ministry has clarified that renewal applications for work permit exemptions by Minister’s discretion will still be accepted, in a statement officials emphasised the need for clarity and transparency in the application process, stating that they are currently developing guidelines to establish clear criteria for eligibility under the Minister’s Discretion category.

“The Ministry is committed to ensuring a fair and transparent process for all applicants seeking work permit exemptions,” said a spokesperson for the Ministry. “By temporarily suspending the acceptance of new applications, we aim to review and refine our procedures to better serve the needs of the community while upholding the integrity of our labor market.”

The Ministry has confirmed that applications will still be accepted in categories such as “By Marriage” for persons married to BVIslanders or Belongers living in the Territory, and “By Education” for individuals who have attended significant schooling in the BVI.

For those with questions or in need of additional information, the Ministry can be contacted at 468-211.

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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.

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