Trade license revenues surpass $1M following fee increases

Revenues from trade licenses have increased to more than $1 million—up from $906,000 earned in 2020.

According to Premier Andrew Fahie, who gave that update during his budget speech last week, the news is an encouraging sign for aspirations of growing the BVI’s small business sector.

The announcement comes on the heels of legislation brought to the House of Assembly (HOA) to increase the fees. Under the said legislation, Business Licensing Act (2020), Belonger licence fees now range between $150 to $1,500 — previously $25 to $200 — while non-Belongers now pay fees ranging from $1,500 to $15,000; previously $200 to $600.