Fraser warns Tortola businesses are collapsing under compliance costs

Julian Fraser warned in the House of Assembly that local businesses in Tortola are collapsing under the weight of costly regulatory requirements. He stated that compliance costs, including rising registered agent costs and economic substance requirements, are driving Virgin Islander businesses down, rather than a lack of profitability. Fraser noted that these requirements are intended to meet international standards, such as those set by the OECD.

The discussion highlights a conflict between the need for international financial services compliance and the operational costs faced by small, locally owned enterprises in Tortola. The concerns center on how regulatory burdens affect the financial viability of local businesses.