BVI FSC Issued Q3 2019 Statistical Bulletin

The British Virgin Islands Financial Services Commission has published the fifty-fifth volume of Quarterly Statistical Bulletin, where provided important information on different sectors of the financial services industry on the Territory for the third quarter of 2019.

According to the statistics on the Registry of Corporate Affairs, there were 6,975 new incorporations in the reported period, which is an increase of 9.58% as compared to 6,365 Business Companies registered in Q2 2019 and a decrease of 27.15% as compared to 9,575 new BC’s in Q3 2018. As at September 30, 2019, total cumulative number of Business Companies in the British Virgin Islands was 402,234. 

In the three months ended September 30, 2019, 48 new Limited Partnerships were formed, which is a 29.73% increase as compared to the second quarter when 37 LP’s were incorporated, and a 57.89% decrease compared to 114 new Limited Partnerships registered in the third quarter of 2018. Cumulatively there were 927 Active Limited Partnerships in BVI as at 30 September 2019.

As to the information by the Intellectual Property Unit within the Registry of Corporate Affairs, total number of new applications to register a Trademark for Q3 2019 increased to 89, from 75 in Q2 2019. In Q3 2018, there were 69 applications. For the total year 2018, 225 Trademark applications were filed, compared to 221 application for the first three quarters of 2019. Also, in Q3 2019 two patents were re-registered in the Office of Trade Marks, Patents and Copyright (0 in Q2 2019, 4 in Q3 2018). 

The Quarterly Statistical Bulletin of the BVI FSC also includes information from Banking, Insolvency and Fiduciary Services, including Balance sheet for all commercial banks, which showed the small reduction of the banking sector’s total asset size, which is approximately $2.34 billion this quarter (4% less than in Q2 2019). Further statistics covers the Financial and Money Services, Fiduciary Services, Insolvency Services, Investment Business and Insurance departments, as well as Enforcement, Ongoing Supervision and International Co-operation matters.