The government of the British Virgin Islands has announced the go-ahead free of the House to two bills whose objective is to strengthen the competitiveness of the naval flag national, with the aim of generating revenue and contributing to the maintenance and growth of gross domestic product. Standards plan to place the Virgin Islands Shipping Registry (VISR) under management of the new Virgin Islands Shipping and Maritime Authority, a new authority that will have among its prerogatives to appoint the Director, the Inspectors and the Registrar of ships.

Prime Minister Natalio D. Wheatley explained that Virgin Islands Shipping and Maritime Authority Act e il Merchant Shipping (Amendment) Act 2022 will allow the new authority to increase own revenue and promote attractiveness the Overseas Territory as the seat of ownership and management of shipping companies. The director of Virgin Islands Shipping Registry, John Samuel, has specified that it will be established an autonomous board of directors that will be in line with international flag standards and comply with those of the Red Ensign flags, including those of the Cayman Islands, Bermuda and of the Isle of Man, and which will make the administration of VISR Autonomous with respect to central government: "operate under a Board of Directors - it has specified - will offer numerous benefits, including the Authority's ability to manage your finances more effectively, to have a greater responsiveness, to improve administrative functions and commercial and to have less bureaucratic constraints in the management of commercial transactions'.