Sensing an opportunity despite a sluggish economy, the Virgin Islands office of a global accounting and consulting firm has decided to open a branch on St. Thomas, company officials said.
Deloitte & Touche, which currently employs more than 50 people at its VI office, hopes to have its new branch office in the United States Virgin Islands officially opened by December, according to Chad Maduro, the USVI office’s new director.
“There’s no true big four [accounting firm] presence, physical presence, in the USVI, so we’ll be somewhat pioneers in that regard,” Mr. Maduro said.
Because the medium and large business clients that Deloitte usually offers accounting and tax advisory services to in the USVI are typically subsidiaries of mainland US companies, accounting firms have traditionally “parachuted” employees there on temporary assignments, according to the director. But further capitalising on opportunities as the economy recovers requires a permanent presence there, he said.
See the Oct. 20, 2011 edition for full coverage.