TORTOLA, BVI: The British Virgin Islands is one of the leading countries/territories in financial services - having registered more than 600,000 International Business Companies (IBCs). The territory is now moving towards vigorously boosting its shipping registry.
A high-powered delegation is now in Monaco to promote its shipping industry at a Yacht Show that is considered the largest of its kind in Europe, and which brings together all of the major players in the yachting industry, including boat designers, builders, suppliers and service providers.
Heading the BVI delegation is Deputy Premier Dancia Penn, who is also a Queen's Counsel and former Attorney General.
A release from the Government Information Service states that participation in this year's event is of particular importance for the territory given its promotion in June to Category One Shipping Registry status. Director of the Virgin Islands Shipping Registry (VISR), Captain Baboucar Sallah said this is a huge marketing opportunity for the Territory,
He added, "This is when we tell the whole world that we have arrived with our enhanced status which allows us to register yachts of up to 3,000 and cargo ships of unlimited tonnage."
Since attaining the new status, the VISR has received several inquiries from new yacht owners and Sallah is hoping to attract many more owners and prospective buyers through their promotion in Monaco.
BVI's 16-member delegation includes International Affairs Secretariat Director Lorna Smith, and five persons from the private sector.
The Territory is among 500 exhibitors participating.
BVI will also host a reception for about 100 persons onboard a private yacht, which Smith said is a fitting location given the purpose of the event to market the territory's new status as a Category One Shipping Registry, now capable of registering the mega yachts of the world
The territory attained Category One Shipping registry status on June 4 with the tabling of an Order in Council in the United Kingdom Parliament. |
