The BVI Business Companies Bill was successfully passed in the House of Assembly on Tuesday, September 3rd.
The bill, a landmark piece of legislation, is expected to bring significant changes to the territory’s thriving financial sector, which has long been a cornerstone of its economy.
Deputy Premier and Minister for Financial Services, Hon. Lorna Smith, played a crucial role in presenting and advocating for the bill during the session. Hon. Smith took the floor to outline the key provisions of the bill, emphasizing its importance to the future of the financial services industry in the Virgin Islands.
Hon. Smith also highlighted several recommendations incorporated into the bill after consultations with industry stakeholders.
Additionally, she spoke on some key changes that would take effect as a result.