Wednesday, March 29, 2017

BVI EU Representative Takes Part in Discussions with CARIFORUM and ACP

In the mid of March, BVI EU representative Benito Wheatley had a meeting in Brussels, Belgium with secretary general of the African, Caribbean and Pacific (ACP) group of countries, to discuss the alternative post-Brexit relationship between the British Virgin Islands and the European Union. Wheatley expressed interest of the BVI in establishing close ties with the organization in the future agreements with the EU.

Also, the BVI EU representative attended CARIFORUM ambassadors meetings where discussed BVI plans to engage with the Caribbean states organization and participate in their future arrangements with the EU. Financial services were emphasized as the main area of immediate cooperation, especially concerning Caribbean jurisdictions' ongoing dialogue with the European Union on international tax cooperation. 

Wheatley's discussions with the ACP group of countries and CARIFORUM are in line with BVI Premier's mandate given to BVI EU representative, to explore different options for jurisdiction's relationship with the organization. The meetings in which Wheatley participated on behalf of the BVI were part of Caribbean Tourism Organization's mission to Brussels to discuss with EU stakeholders the impact of Brexit on the Caribbean.

Monday, March 20, 2017

BVI FSC Published Financial Statistics for Q4 2016

On March 17, the British Virgin Islands Financial Services Commission published forty-fifth volume of Quarterly Statistical Bulletin, providing information and statistics on financial services activities in the jurisdiction in the fourth quarter of 2016. In this period ended 31 December 2016, the Registry of Corporate Affairs reported 7,780 new company incorporations, an increase as compared to 7,766 companies registered in the third quarter of the year. By the end of 2016, cumulative number of companies was 416,784. In the reported period, there were also 37 Private Trust Companies and 17 Limited Partnerships incorporated in BVI.

According to Investment Business figures, total number of funds registered/recognized in the jurisdiction in the fourth quarter was 18, cumulative number by the end of the year 2016 being 1,614. There was 1 Mutual Fund incorporated, cumulative number being 145. As at 31 December 2016, 176 Insurers and 40 Functionaries were registered in the British Virgin Islands. 

International Cooperation statistics shows 34 formal and 9 informal incoming requests filed in the reported quarter of the year, as well as 17 outgoing requests, 89 enforcement matters and 14 enforcement investigations. Among ongoing supervision matters referred to the Licensing and Supervisory Committee, 122 related to Banking, Insolvency and Fiduciary Services, 42 related to Investment Business, and 30 related to Insurance. Cumulative total number of Trade Marks Agents registered in Q4 2016 was 22.