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Business Profile
Economy: Tourism and financial services are the islands’ main economic activities. Agricultural production is limited by poor soils, and relies mainly on livestock rearing, but some fruit and vegetables are produced for export, along with fish, livestock, gravel and sand. Rum is an important export commodity, and its distilling is the principal industrial activity. There is also a small mining industry, producing salt and materials for the construction industry. Tourism employs one-third of the working population directly or indirectly. The hotel and restaurant sector is particularly strong, with many customers arriving on day-trips as well as extended stays. The majority of visitors come from the USA – 350,000 annually – but the Government is looking to attract custom from elsewhere, as well as trying to dampen the islands’ reputation as a resort for the wealthy.
The offshore financial sector, which has been operating since the mid-1980s, has been a spectacular success, by virtue of the British connection, benign legislation and political uncertainty in rival centres (notably Hong Kong and Panama). However, in the last three years, the Government has been forced to respond to international pressure to tighten its regulatory regime in order to prevent money-laundering. The British Virgin Islands’ main trading partners are the US Virgin Islands, the USA and Puerto Rico.
Business: A shirt and tie are required for the summer months, with lightweight suits being acceptable at all other times. Best time to visit is December to April. Office hours: Mon-Fri 0900-1700. Government office hours: Mon-Fri 0830-1630.
Commercial Information: The following organisation can offer advice: Development Bank of the Virgin Islands, PO Box 275, 1 Wickham’s Cay, Road Town, Tortola (tel: 43737; fax: 43119).
Conferences/Conventions: The British Virgin Islands Tourist Board can offer advice (see Contact Addresses section).
Copyright © 2003 Columbus Publishing Ltd.
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