Eligibility criteria

Eligibility for Phase I: The Initial Assessment

Trade License Requirement

You must either:

  • Have a registered trade license, or

  • Have applied for a trade license with the Department of Trade, Investment Promotion and Consumer Affairs, Government of the Virgin Islands, no later than July 14, 2025 

IMPORTANT NOTE:

  • To advance to the final phase of the application process, you must have a fully registered trade license by September 1, 2025.

  • If your business activity relates to fisheries, you will be required to submit proof of any requisite additional license/s under The Fisheries Act by September 1, 2025.

  • Consideration may be made for non-profit organisations to apply, in this instance the non-profit would not have to have a trade license however they would have to provide a current non-profit organization certificate, along with a letter from both The Department of Trade, Investment Promotions and Consumer Affairs, Government of the Virgin Islands, and the Ministry of Health and Social Development’s NPO Board granting permission to operate the proposed business under the non-profit. Additionally, 100% of the profits generated through the business must be reinvested into the non-profit organisation to sustain and scale the initiative, in alignment with a social enterprise model.

Age Requirement

You must be at least 18 years of age.

Business Idea Requirements

Your business idea must demonstrate a clear commitment to addressing an ocean health-related environmental challenge within one of the 2025 Impact Challenge Strategic Environmental Impact Areas:

  1. Sustainable Fisheries

  2. Ecotourism

  3. Coastal Resilience

  4. Eco-Waste Management
    (See detailed descriptions below)

Your proposed solution should aim to deliver both economic success and measurable environmental impact, and must be:

  • Solvable – addressing a problem with a clear, proven solution

  • Measurable – with quantifiable environmental and economic outcomes

  • Sustainable and Replicable/Scalable – adaptable to other regions or markets

  • Catalytic – capable of triggering broader change or innovation

  • Innovative – reflecting fresh thinking and creative approaches

2025 IMPACT CHALLENGE STRATEGIC ENVIRONMENTAL IMPACT AREAS

Sustainable Fisheries

Sustainable fisheries involve responsible fishing practices that ensure healthy fish populations and protect marine ecosystems. This includes managing fish stocks and minimizing ecological impacts to ensure long-term viability.

Note: “Fisheries” includes all marine life harvested for commercial or recreational use, such as shrimp, lobster, crab, conch, and turtle.

Ecotourism

Ecotourism is nature-based tourism that supports conservation efforts and local communities. It includes:

  • Travel focused on appreciating nature and traditional cultures

  • Educational and interpretive experiences for visitors

  • Minimizing environmental and cultural impact

  • Supporting conservation through economic benefits, alternative income sources, and raising awareness of environmental preservation

Coastal Resilience

Coastal resilience refers to the ability of shorelines and coastal communities to adapt to climate change impacts, such as rising sea levels and more frequent storms, while protecting human and wildlife populations.
For example, restoring mangroves can reduce storm surge risks for communities while providing vital habitats for marine life.

Eco-Waste Management

Eco-waste management involves practices that protect public health, promote sustainability, and reduce pollution. Effective waste management is crucial for preserving natural resources and fostering long-term environmental health.
How we manage waste today significantly impacts the planet’s future.

Eligibility for Phase II: Detailed Business Plan, Financial Forecast and Impact Projection

You must be prepared to submit a Phase II Application by Sept 1st 2025, including a detailed business plan, financial forecast, and impact projection that demonstrates the venture’s economic viability and potential for environmental and social impact (templates will be provided). 

Ethical Practices

Your business must operate with ethical practices that prioritize the well-being of both people and the planet.

Compliance

Your business must comply with all relevant legislation and regulations in the BVI. 

Particular attention must be given to ensuring your business complies with all relevant and regulatory requirements of The Ministry of Environment, Natural Resources and Climate Change.

Background Checks

You must be prepared to submit a:

  1. Criminal Background Check in the country/countries in which you have been residing in over the last 10 years. (In the BVI, this is a ‘Police Certificate’)

  2. Credit Check (with any relevant financial institutions)