B.V.I. Wednesday, March 25 – The Department of Trade and Consumer Affairs is reminding business owners and operators in the Territory that the grace period for the renewal of trade licences is nearing the end.

All trade licences expire December 31 but the department traditionally offers an additional three-month grace period.

Director of Trade, Ms. Lizette George, is therefore encouraging persons who have not yet renewed their licences to do so by the March 31 deadline.

“The business owners and operators in the BVI have been generally responsible about renewing their licences annually but there are those who sometimes fail to comply,” Ms. George told the Department of Information and Public Relations.

“Our records show that up to February 28, 2,504 business licences were renewed, which represents only 35-percent of approximately 7,000 businesses registered in the Territory,” Ms. George said, while noting that 33 new licences were also issued in the first two months of the year.

“It is important that persons maintain compliance,” Ms. George stated. “I want to encourage all owners and operators to ensure that all of the necessary licences are current in order to effectively conduct business within the Territory,” she added.

The fees for trade licence renewals range from $10 to $600 depending on the type of business and the status of the proprietor. Fees are payable at the Department of Trade and Consumer Affairs, which is located on the second floor of the Sebastian Building on Admin Drive.

The Director of Trade is also appealing to persons who are no longer operating their business for economic or other reasons to please notify the department by way of letter so that the department can maintain accurate records.

Meanwhile, the department is also expressing immense gratitude to business owners who have been fully cooperative in its efforts to update the database.

According to Ms. George, “persons renewing their licences are required to fill out a one-page questionnaire detailing current information on their existing businesses.” Explaining the rationale for this, Ms. George said “at times certain aspects of a business may change and it is important that persons appropriately notify the department because some changes may require further approval from the Premier’s Office, which is the ministry responsible for that subject area.”

The Director said the process has been “progressing smoothly thus far, with all of the customers being very cooperative.”

The Department of Trade and Consumer Affairs is mandated to facilitate the development and growth of the BVI business environment, increase competitiveness and generate higher levels of sustainable growth and productivity.