Friday, November 14, 2008

BVI FSC Publishes Statistical Bulletin for the Second Quarter of 2008

On 7 November 2008, the BVI Financial Services Commission published the eleventh volume of Quarterly Statistical Bulletin, covering the changes and progress in different sectors of British Virgin Islands financial services industry. In this volume, statistical and other information for the period as of June 30 2008 is cumulated, including figures from the Registry of Corporate Affairs, from Banking & Fiduciary services sector, Mutual Funds and Insurance industries.

In the second quarter 2008, there were 15,831 offshore companies registered in the British Virgin Islands – a little less than in the same period of 2007 with 17,803 new incorporations. However it is more than in any 2nd quarter of years 2003-2006. Below, you can see the chart showing the dynamics of BVI company formation in Q2 of the years 2003-2008.

Year (Q2)BVI offshore companies incorporated in Q2 (IBC and BC)

The cumulative number of offshore companies registered in the BVI and actively working at June 30, 2008 was 445,865. There were 532 Limited Partnerships of the whole amount of companies having active status by June 30, 2008. There were 26 Limited Partnerships registered, compared to 28 registered in Qtr2 2007, and 32 in Qtr1 2008. Obviously less number of incorporations in the period from April to June 2008, if compared to the offshore company formation statistics for the year 2007, partially might be the result of global economic recession, however there could be also some offshore jurisdiction related issues.

Along with less companies incorporated, there were also less dissolutions fixed by the BVI FSC - 9,268 in the period from April to June.

Banking and Fiduciary statistics estimated by the Commission showed cumulative figures as of June 30 2008 that included 98 Class I Trusts, 2 Class II and 4 Class III Trusts, and 109 Restricted Class II Trusts registered.

According to the Investment Business Statistics for the period ended on June 30 2008, total number of managers and administrators newly registered in the jurisdiction has also reduced, as well as the total number of professional, private and public mutual funds. The Statistical Bulletin includes the dynamics of active mutual funds registrations in the similar periods of 2006, 2007 and 2008.

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