Monday, March 31, 2008

BVI FSC Publishes Statistics on Financial Sector Activities in 2007

Last week, we discussed the new bulletin issued by the BVI FSC, including the analysis of financial services and convincing statistics on ever increasing number of offshore companies registered in the British Virgin Islands during the year 2007. The new record of 77,022 new companies registered in 2007 overpassed the record of the previous year.

Other statistics included in the report concerned banking & fiduciary services: in 2007, 3 licences were granted for Class I Trust (cumulative number is 98), 1 license for Class III Trust (3 in total), and 5 for Restricted Class II Trusts (107 in total).

The investment business industry statistics for the year 2007 has shown the record number of Professional annual licences and certificates granted- 317, compared to 282 licences granted in 2006. Also, 87 Private and 17 Public licences were granted in 2007; 64 new Managers were registered in the jurisdiction.

Legal & Enforcement Division Statistics includes also information for the last quarter of 2007, and cumulative figures for the years 2007 and 2006. The number of International Cooperation Matters in 2007, including formal and informal requests, was 69 (14 for Q4 2007), compared to 53 for the year 2006. There were 10 Enforcement Matters in 2007 (8 in Q4 2007), compared to 30 in 2006; and 1 Advisory Warning.

As regards the Insurance statistics for the year 2007, it was reported on 392 Captive Insurers, 31 Domestic Insurers and 20 Insurance Managers.

The BVI FSC published statistics on the Segregated Portfolio Companies registered in 2006 and 2007 years. In 2007, 27 professional mutual funds were registered in BVI, compared to 13 in the previous year. Also, there were 8 private and 9 public funds registered in 2007.

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