Thursday, December 28, 2006

BVI FSC Statistical Bulletin for Q2 2006

Soon after the new site launch BVI Financial Services Comission has published the Statistical Bulletin for the second quarter of 2006. Although it is stated on the bulletin that publication month is July 2006, actually it became available on 20th December 2006.

Legal/Enforcement and International Co-operation Division stats shows 1 Advisory warning, 8 enforcement matters, international co-operation matters with 8 formal requests requiring disclosure of non-public information and 6 informal requests requiring disclosure of public information. Division also provided advice to internal Division of the Comission in over 115 cases.

The Insolvency Services Division activities resulted in no change in the total number of BVI insolvency practitioners in the first quarter of 2006, however the Division licensed one new insolvency practitioner and revoked one licence.

BVI FSC statistics confirms that BVI is conservative banking jurisdiction having only 9 banking licences for banking operations in and from within the BVI. One new general banking licence was issued in the first quarter of 2006 and in total there were 6 General Banking licences and 3 Restricted Class 1 Banking licences on the 31st March 2006.

As regards Fiduciary services – at the end of the first quarter 2006 there were licenced 98 General Trust (3 new) and 103 Restricted Trust (2 new) services providers, 4 Authorised Custodians (1 new) and 107 Registered Agents. Also 1 new Company Management licence was issued totalling to 20 Company Management licences.

Investment Business stats confirms that the most popular type of funds constituted in the BVI is professional funds, and their number in the jurisdiction is still increasing. The 46% increase in the number of professional funds was fixed in the first quarter of 2006, if compared to the same quarter of 2005, and a 54% increase, compared to the previous quarter.

The first private fund was re-registered as a Segregated Portfolio Company in the reported period. It was soon after the Segregated Portfolio Companies Regulations were officially published on 22 December 2005. Totally there were 189 Segregated Portfolio Companies at the end of the first quarter 2006.

Insurance sector stats shows that 6 new Captive Insurers were licenced in Q1 2006.

The largest statistical figures reflect the activities at the Registry of Corporate affairs. Looking at stats we should take into consideration that starting from 1 January 2006 only BVI Business Companies were registered. Previously the most popular BVI company type was BVI IBC (International Business Company), but after new legislation passed the new companies are named BVI BC's (Business Companies). 17,892 new BVI Business Companies were incorporated in the first quarter of 2006. It is more than for the same period in 2005 when 15,772 BVI IBC's were registered. Number of dissolutions for Q1 2006 is 1,141.

The total number of BVI International Business Companies was 689,555, but the number of BVI Business Companies was 19,421 at the 31 March 2006. In total it is 708,976 world’s most popular business entities incorporated for international business.

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