British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Monday, August 28, 2017

Augustus Jaspert Became the 13th Governor of the Territory


Augustus Jaspert was sworn in as the new governor of the British Virgin Islands. The governor took the oath of allegiance and the oath of due execution of office before the audience of government ministers, high court justice, members of the House of Assembly, senior government officials and other guests.

The new governor was welcomed by BVI Premier and Minister of Finance, Dr Orlando Smith, who pledged his government's support and commitment, saying: “The BVI has much to offer and I am confident that you will make a valuable contribution to the territory’s growth and development. I encourage you to explore our beautiful islands and become intimately acquainted with the people of these islands in whose interest we must work.” 

Leader of the opposition Andrew Fahie also welcomed the new governor. The governor in his turn assured the BVI government and the opposition of his commitment to the British Virgin Islands, and said he sees his role as one of service and partnership with the elected government, public service, the United Kingdom; the faith, voluntary and community organisations, and the people of the territory.

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Saturday, August 19, 2017

Quarterly Statistical Bulletin Issued by BVI FSC


The BVI Financial Services Commission published the forty-seventh volume of Quarterly Statistical Bulletin, which analyses financial services activities in the jurisdiction in the second quarter of 2017. In this period, 7,621 new business companies were incorporated in the BVI, compared to 8,695 incorporations in the previous quarter and 6,767 incorporations in the second quarter of 2016. By the end of the second quarter of 2017, cumulative number of companies in the jurisdiction made 395,684. Also, there were 29 Private Trust Companies and 22 Limited Partnerships registered in the period; their cumulative number as at 30 June, 2017 was 1,094 and 712, respectively.

According to Investment Business statistics, 6 new licences were granted to approved investment managers, and 13 Mutual funds were registered/recognised in the second quarter. In Insolvency services, total number of insolvency practitioners reached 27 (26 in the first quarter, 24 in the second quarter of 2016). In Insurance, there were 3 newly issued insurance licences, cumulative number being 175. 

International Co-operation matters in the reported quarter included 19 formal and 4 informal incoming requests, 1 formal outgoing request, 147 enforcement matters and 26 enforcement investigations. 132 ongoing supervision matters were referred to LSC (the Licensing and Supervisory Committee) in the sphere of Banking, Insolvency and Fiduciary services, 38 in Investment Business, and 45 in Insurance. Further and complete information about the financial services statistics in the BVI territory can be found on the website of the Commission.

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