It gives me great pleasure to introduce myself as the new Governor of the Turks & Caicos Islands. I am no stranger to the Offshore Finance Sector, as my last two assignments as Deputy Governor of Bermuda and as Deputy Head of the West Indian and Atlantic Department in the Foreign and Commonwealth Office enabled me to take a keen interest in the finance sector of the other British Dependent Territories as well as competitor countries.
It is an exciting time to be starting a tour of duty in the TCI. Development in the tourist sector during the past 15 years has been phenomenal - especially in Providenciales - but the other islands in the TCI group are beginning to benefit from investments in tourist projects also. One major project with an estimated investment of some US $300 million plus proposed of the uninhabited islands of East Caicos will transform the economy of TCI by the millennium. Such staggering development in the tourist sector shows a strong confidence in the long term economy of TCI and is important for the parallel growth in the finance sector. From a relatively slow start in the early 1980s TCI has emerged as a fast growing centre for offshore finance and particularly the IBC. The original Companies Ordinance of 1981 has undergone many improvements to ensure that it continues to meet the demands of the international business community. The financial services offered today cover banking, insurance, trusts, company formation, including limited life companies, partnerships and investment funds. There are experienced professional practitioners to service the finance industry and while it well regulated by the Financial Services Commission, company formation is made very easy. 1996 showed itself to be another record year for TCI company formations with an increase of 18% over 1995 and 30% over 1994. I can see from my time here so far that the TCI is a marvellous place to live. It is also a great place to do business. Accessibility to North America is through Miami which is just over one hour away. Communications are excellent and as good as you will find in any other offshore centre. The future for the finance sector here is very bright. Why not try it for yourself!
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