Friday, November 29, 2013

Thirty-Second Volume of Quarterly Statistical Bulletin Published by BVI FSC

BVI Financial Services Commission has published the thirty-second volume of its Quarterly Statistical Bulletin, comprising statistics and other important information on financial services industry in the British Virgin Islands during the three months period ended September 2013. In the reported period, 12,809 Business Companies were incorporated in the jurisdiction, an increase if compared to 12,478 companies in the second quarter of 2013, and less than 16,251 companies incorporated in the same quarter of 2012. Cumulative number of companies registered in the BVI as at 30 September 2013 was 480,072. Also, there were 16 Limited Partnerships and 23 Private Trust Companies registered in BVI in Q3 2013, as compared to 33 and 16, respectively, in the previous quarter of this year. There were 908 Limited Partnerships and 556 Private Trust Companies registered in the jurisdiction at the end of this quarter.

In the sector of Banking and Fiduciary Services, there were 2 entities (trusts) licensed in the third quarter of 2013. In Investment Business, 39 new licenses were granted, as compared to 30 in the second quarter of 2013, and 29 in the third quarter of 2012. In Insolvency Services industry, there were 25 Insolvency Practitioners. 

In the sphere of Legal and Enforcement and International Cooperation, there were 16 Formal and 4 Informal Requests for International Co-operation, and 44 Enforcement Matters registered. There were also 94 Ongoing Supervision Matters referred to the Licensing and Supervisory Committee and related to Banking and Fiduciary Services; also, 299 related to Investment Business, 47 related to Insurance, and 2 related to Insolvency Services. There were 3 Onsite Inspections in Q3 2013, all of them related to Trust Companies.

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