BVI FSC Published Twentieth Statistical Bulletin

The BVI Financial Services Commission has published the twentieth volume of Quarterly Statistical Bulletin, comprising financial statistics and analysis for the third quarter of 2010, the period ended at 30 September 2010. According to the statistics of the Registry of Corporate Affairs, publishing information on incorporations and registrations in the BVI jurisdiction, there were 15,946 business companies newly incorporated in the reported period. This is the growth in the number of registered companies, as compared to 12,815 companies registered in the second quarter of 2010, and to 13,368 companies registered in the third quarter of 2009. Cumulative number of companies incorporated in the British Virgin Islands at 30 September 2010 was 456,547.

According to the statistics published by Banking and Fiduciary Services Sector, in the third quarter of 2010 total assets of commercial banks were $2,189 million, loans and advances were $1,440,6 million, net income was $41,1 million.

In investment business sector, in Q3 2010 6 new licences were granted to functionaries (cumulative total number 577). 31 licences were granted to Mutual Funds (cumulative number 2951).

According to Legal and International Cooperation Statistics, there were 32 enforcement matters in the third quarter of 2010 (29 in the second quarter of 2010 and 39 in the third quarter of 2009).

In the third quarter of 2010, there were 464 matters before the Licensing and Supervisory Committee, 94 of them in Banking and Fiduciary Services sector, 293 in Investment Business sector, 75 in Insurance sector and 2 related to Insolvency services.