British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Friday, March 24, 2006

The British Virgin Islands impact on Hong Kong's gross national product

According to the Census & Statistics Department, Hong Kong's gross national product in the 4th quarter (2005) stood at $369.4 billion, which is 4.2% up as compared with a year earlier.

In the 4th quarter, the Mainland, accounting for 28.5%, remained the largest source of Hong Kong's external factor income inflow. The BVI followed, reflecting continued investment income inflow from this tax haven economy, at 20.1%. Should be noted that Hong Kong companies had set up really a considerable number of holding companies in the BVI. The US and the UK were other major source jurisdictions at only 10.5% and 7.5%.

The Mainland and the British Virgin Islands, accounting for 23.5% and 18.5% of the total outflow, continued to be the most important destinations for Hong Kong's external factor income outflow in the 4th quarter. Other major destinations were the Netherlands at 8.7% and the US at 8.2%.

It’s hard to neglect the effect of offshore business registered in the BVI on Hong Kong economy as well.

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