Market Research in the British Virgin Islands
The British Virgin Islands lie northwest of Anguilla and east of Puerto Rico. The islands comprise a British Overseas Territory. Tortola, Virgin Gorda, Anegada, and Jost Van Dyke are the BVI’s main islands, but there are also 50 smaller islands and cays. People live on sixteen of the islands. Road Town, the capital, is on Tortola, the largest island.
You may ask, what is the primary industry in the British Virgin Islands? The BVI has two major industries: tourism and financial services. Tourism employs many people, but the BVI is proud of its status as an offshore finance center. The islands also produce veggies, fruit, sugar cane, poultry, and livestock. Boat building is another major field, as are commercial fishing, building, and rum distillation.
- Road Town – the BVI’s capital and the main town in Tortola
- Spanish Town – the second-largest town located on Virgin Gorda, the third-largest island
- Cane Garden Bay – one of Tortola’s most well-known beach resorts
- Scrub Island – an upscale small getaway northeast of Tortola
- White Bay – one of the best beach resorts on Jost Van Dyke
- Peter Island – a private island only five miles northwest of Road Town
- The Settlement – also referred to as “The Village,” The Settlement is the only town on Anegada, the BVI’s second largest and most remote island.
- Belmont – a central spot on the west end of Tortola
The British Virgin Islands is a world leader in the field of financial services. For over four decades, it has allowed people and businesses to invest. It also allows them to trade across global borders. The islands have also emerged as a world-leading center for cryptos and FinTech, tapping into the vast potential of these new ways of doing business. FinTech and crypto have many strengths. The BVI brings these strengths to people and businesses around the world.
Benefits and Strengths in the Market
Many of the BVI’s strengths are common to other countries. For example, it has no currency exchange controls, and English is the primary language. It is a stable democracy. Also, the islands subscribe to a common law legal system. This system allows them the final appeal to the Privy Council in London. Other benefits, such as taxation, are not standard for other countries. The BVI has no income tax. Capital gains, wealth, and corporation taxes are also non-existent.
The British Virgin Islands is home to a total of 30,000 people. Slightly more than half are female. Almost half of the people live in urban centers, with the rest opting for country life. The median age is 37.2, and more than three-quarters of the people in the BVI have Internet access. In this sector, there is heavy social media use. Facebook reaches more than three-quarters of the market.
Reasons to Grow Your Business in the BVI Market
What is unique about the British Virgin Islands? We already mentioned the tax benefits. Also, setting up shop in the BVI is a quick and easy process. It is an attractive location for US companies because it’s close to the US Virgin Islands. It’s so close, in fact, that it uses the US dollar as its formal currency. The BVI has many further benefits. For his reason, it has long attracted businesses from around the world.
About Market Research in the BVI
SIS International provides Qualitative, Quantitative, and Strategy Research for industry and consumer products. SIS looks at trends and lifestyles in the BVI. We use Focus Groups, Surveys, and Interviews to conduct Market Entry Research, UX Market Research, Competitive Analysis, Market Opportunity Research, and Market Sizing Research and to come up with Go To Market Strategy.