MYS16: An Insight Into BVI Finance & Shipping Registry

By Christina Tsangaris

We were joined at the 2016 Monaco Yacht Show by Captain Raman Bala, Director of Shipping at Virgin Islands Shipping Registry and Benito Wheatley, UK Representative and Director of the BVI London Office, British Virgin Islands Government.

They explained how the superyacht industry is synonymous with the British Virgin Islands as well as outlining the booming financial sector that thrives across the region.

Raman Bala shared just how the Virgin Islands Shipping Registry has welcomed the arrival of superyachts, continuing to thrive in promoting sailing culture from sailing to superyachts alike.

“2006 was an exciting year for us. That was the year we got the authority to register superyachts and we were really pleased with it. Since then we have been marketing and we have registered around 2,654 yachts small and big," said Mr Bala.

“We have the professionals to look at your ship and see whether it’s build right or your vessel to say that it’s fit to go out to sea.”

Mr Wheatley, discussed the thriving financial landscape of the British Virgin Islands, sharing details on how the financial services plan to generate growth as a leading international finance sector.

“BVI finance is the marketing arm of the BVI Government in the financial services industry. Our current focus is on transitioning BVI Finance to a corporate entity

"This will make the organisation more responsive to the needs of the private sector. We would like to remain a leading international finance centre in the area of company incorporations but also expand into value added services and we’re confident we can do this with our partners in the private sector”

You can watch the full interview in the video above this article and also catch up on all of our Monaco Yacht Show news on Facebook,Twitter and Instagram.

By Christina Tsangaris