Worrisome: Entrepreneurs Opening Businesses Illegally
Feeling overwhelmed by the application requirements for a trade license needed to operate a business in the British Virgin Islands, some young entrepreneurs opt to do business illegally.
The situation is worrying to Junior Minister of Trade and Economic Development Hon. Sharie de Castro who made the disclosure to the media.
“What we’ve noticed is that there’s a lot of young persons who actually have businesses, but do not have Trade Licenses. We want to encourage them to go through the process legally and ensure that their business is recognized in the Territory; and let us assist them in propelling it to the next level,” Hon. De Castro said.
During a press conference held recently, it was disclosed that a few local business owners never bothered to get a trade license and proceeded to offer goods and services without documentation.
In highlighting the situation, the Junior Minister said, “One of the main things that we would see and would be able to assist with this week is that upon applying for trade licenses they are requirements to apply; most persons at times, especially the younger persons do not have the business plans or do not meet some of the requirements that are needed.”
To apply for a trade license the applicant is required to submit a business plan or proposal. They are further required to show financial and technical capabilities of operating such a business successfully.
It was hinted that these are the requirements that dissuade young applicants.
The Junior Minister noted that she wants young entrepreneurs to confidently apply for trade licenses. Hon. de Castro said that she hoped the IWeek activities would have opened the door for a better approach to the trade license application process. Hon. De Castro also expressed optimism that the soon to be launched Business Lab will assist young business persons in making the trade license applications.
“We even have the forms available so that the process can become a lot more seamless, because a lot of them seem to be intimidated by even applying,” she added.
“What we’ve noticed is that there’s a lot of young persons who actually have businesses, but do not have Trade Licenses. We want to encourage them to go through the process legally and ensure that their business is recognized in the Territory; and let us assist them in propelling it to the next level,” Hon. De Castro said.
During a press conference held recently, it was disclosed that a few local business owners never bothered to get a trade license and proceeded to offer goods and services without documentation.
In highlighting the situation, the Junior Minister said, “One of the main things that we would see and would be able to assist with this week is that upon applying for trade licenses they are requirements to apply; most persons at times, especially the younger persons do not have the business plans or do not meet some of the requirements that are needed.”
To apply for a trade license the applicant is required to submit a business plan or proposal. They are further required to show financial and technical capabilities of operating such a business successfully.
It was hinted that these are the requirements that dissuade young applicants.
The Junior Minister noted that she wants young entrepreneurs to confidently apply for trade licenses. Hon. de Castro said that she hoped the IWeek activities would have opened the door for a better approach to the trade license application process. Hon. De Castro also expressed optimism that the soon to be launched Business Lab will assist young business persons in making the trade license applications.
“We even have the forms available so that the process can become a lot more seamless, because a lot of them seem to be intimidated by even applying,” she added.