Investors who establish new businesses in the British Virgin Islands will soon be required to employ British Virgin Islanders or Belongers in senior positions
At a community meeting in the Valley, Virgin Gorda last week and in a move designed to placate local concerns and protect jobs, British Virgin Islands’ Premier Andrew Fahie announced his government’s new strategy to encourage foreign investment in the territory. In return for certain incentives, the new businesses will have to guarantee a minimum level of local employment.
Premier Fahie did not specify what incentives government will provide.
Foreign businesses wishing to set up in the British Virgin Islands will be required to hire local residents in “senior” roles. The new policy will be implemented through changes to the territory’s labour and immigration laws as part of the government’s plan to ensure the long-term viability of the territory.
