Young people prevented from building wealth — Skelton
Opposition Leader Ronnie Skelton has raised concerns that local young people in the BVI are finding it increasingly difficult to build wealth due to financial regulations.
2024-09-12 16:08:30 - VI News Staff
During a recent debate in the House of Assembly, Skelton expressed frustration over the burdens these regulations place on local businesses, especially smaller enterprises, making it harder for them to survive. Financial services are a critical part of the BVI economy, and recent amendments to the BVI Business Companies Act aim to ensure compliance with international standards. However, Skelton argued that these amendments disproportionately affect local businesses, making it harder for them to operate.
Skelton emphasised that while international financial standards are necessary, they disproportionately impact local companies, particularly those run by young entrepreneurs. He highlighted that many small businesses struggle to comply with the costly requirements to keep their companies legally registered.
“It seems like it’s becoming more and more impossible for local people, young people, to build any kind of wealth in this country,” Skelton said. He described how businesses must adhere to complex regulations, often resulting in costly penalties if non-compliant. For instance, Skelton cited cases where local companies have been ‘struck off the register’, costing them anywhere from $15,000 to $20,000 to be reinstated.