BVI FSC Issues 44th Volume of Quarterly Statistical Bulletin

BVI Financial Services Commission has published the forty fourth volume of Quarterly Statistical Bulletin for the third quarter of the year ended September 2016. In the reported period there were 7,766 new companies, 24 Private Trust companies and 27 Limited Partnerships incorporated in the British Virgin Islands (6,767, 23 and 25 respectively in the second quarter of 2016). Cumulative number of BVI companies as at 30 September 2016 was 447,503, also there were 1,120 Private Trust companies and 751 Limited Partnerships in the jurisdiction.

In the third quarter of 2016, three Investment Business Licences were granted, according to Investment Business statistics; also, three professional and four private Mutual Funds licences. There were 26 fully licensed insolvency practitioners in the jurisdiction in this period. 

In the sphere of Legal and Enforcement and International Co-operation, there were 29 formal incoming and 47 outgoing requests for international co-operation, 63 enforcement matters and 17 enforcement investigation cases. Ongoing supervision matters referred to LSC in Q3 2016 included 130 related to Banking, Insolvency and Fiduciary services, 98 related to Investment Business, and 28 related to Insurance.

BVI FSC Published Financial Services Statistics for Q2 2016

The BVI Financial Services Commission has issued the forty-third volume of its Quarterly Statistical Bulletin, providing for information and analysis of financial services activities in the territory for the second quarter of 2016. In the reported period, there were 6,767 new company incorporations in the jurisdiction, as compared to 9,456 in the first quarter of 2016, and 11,059 in the second quarter of the previous year. Cumulative number of companies incorporated in the British Virgin Islands as at 30 June 2016 was 430,310. Also, in the second quarter of this year 23 Private Trust Partnerships and 25 Limited Partnerships were registered in the jurisdiction.

According to Investment Business Statistics, there was 1 Investment Business License granted in Q2 2016, making cumulative number of these licenses as much as 463; 12 Approved Investment Managers licenses, 8 Professional Mutual Funds Licenses, 2 Private Licenses, 4 Incubator Licenses and 12 approved licenses were granted in this period. 

The number of Full License Insolvency Practitioners in the second quarter of the year was 24; there were 42 Formal Requests for Legal and Enforcement and International Co-operation, as well as 8 Informal Requests, 30 Enforcement Matters, and 22 Enforcement Investigations in the reported quarter.

73 Banking and Fiduciary Services, 53 Investment Business, and 22 Insurance matters were referred to the Licensing and Supervisory Committee in the second quarter of 2016. There were 4 Trust Companies inspections and 2 Insurance inspections onsite in this period. Other relevant information can be seen in the homepage of BVI FSC.

BVI FSC Published Statistical Bulletin for Q1 2016

The BVI Financial Services Commission has published the forty-second volume of its Quarterly Statistical Bulletin, providing figures and information on financial services industry in the jurisdiction in Q1 2016. According to the statistics published by the Registry of Corporate Affairs, in the announced period there were 9,456 new companies incorporated, along with 27 Private Trust Companies and 20 Limited Partnerships. The number of company incorporations is higher than in the previous quarter (Q4 2015) but lower than in the first quarter of 2015. Cumulative number of companies incorporated as at 31 March 2016 was 466,081. At that moment, there were also 1,112 Private Trust Companies and 780 Limited Partnerships registered in the BVI.

In Investment Business, 5 new Investment Business Licences were granted in the first quarter of 2016, and cumulative number of Investment Business Licences achieved 467 as at 31 March 2016. Also, 8 Professional Mutual Fund and 4 Private Mutual Fund Licences were granted in the reported period. In the first quarter of 2016, there were 23 fully licences Insolvency Practitioners in the jurisdiction.

According to Legal and Enforcement and International Cooperation statistics, there were 52 formal and 5 informal requests in the first quarter of the year, 47 Enforcement Matters and 21 Enforcement Investigations. 

In 2016, seven Trade Marks Agents were registered in the British Virgin Islands, of them 3 Individual and 4 Partnership Agents. In the first quarter of 2016, 78 new Trade Marks applications were registered in the jurisdiction.

BVI Government Representatives Meeting EU Officials

According to the statement issued by the BVI Government, its London Office Director and EU representative recently co-chaired an EU/OCT Financial Services Partnership Working Party meeting in Brussels, Belgium, having discussed the issue why earlier this year BVI was placed on the list of non-cooperative tax jurisdictions.

The Director of Policy, Research and Statistics at the BVI FSC Cherno Jallow and other OCT technical experts had the meeting on the issue with European Commission officials from the Directorate General for Taxation and Customs Union, talking about the European Union position on blacklisting of Overseas Territories. By words of Jallow, the sides agreed that the inclusion of countries on the list had to be further considered in connection with co-operation between the EU and OCTs in the sphere of financial services.

Other issued discussed during the meeting were operation of the platform for tax good governance, re-launching of the common consolidated corporate tax base (CCCTB), Country-by-Country reporting and other EU initiatives.

The BVI FSC representative also had a meeting with the UK person on the European Parliament, Daniel Dalton, to brief him on the “high international standards met by the BVI on tax and transparency during the meeting”.

BVI FSC Issued 40th Volume of Statistical Bulletin

The BVI Financial Services Commission has published the fortieth volume of the Quarterly Statistical Bulletin, providing statistics on financial services activities in the jurisdiction in the third quarter of 2015. According to the statistics of the Registry of Corporate Affairs, in this period 11,951 new companies were incorporated in BVI, as compared to 11,059 companies registered in the second quarter of the year, and 11,376 companies registered in the third quarter of 2014. As at 30 September 2015, cumulative number of Business Companies registered in the British Virgin Islands was 475,309.

In Investment Business sector, 1 Investment Business licence was granted in the third quarter of 2015, as well as 23 Professional and 3 Private Mutual Fund licences. As at 30 September 2015, 483 Investment Business licences, and 1,463 Professional, 484 Private and 77 Public Mutual Fund licences were granted in the British Virgin Islands.

In the third quarter of 2015, there were 25 Licenced Insolvency Practitioners functioning in the jurisdiction. According to the Legal and Enforcement and Co-operation Statistics, there were 64 International Co-operation Matters with formal requests, 6 Co-operation Matters with informal requests, 13 Enforcement Matters and 23 Enforcement Investigations. Other information, key figures and statistics on the financial services in the British Virgin Islands in the third quarter of 2015 can be found on the home page of BVI Financial Services Commission.

BVI FSC Published Financial Services Statistics for Q1 2015

BVI Financial Services Commission has published thirty-eighth volume of the Financial Services Quarterly Statistical Bulletin, which provides statistics and information on financial services activities for the first quarter of 2015. In this period, there were 12,354 new company incorporations in the jurisdiction, - this is an increase compared to 11,436 companies incorporated in the fourth quarter of 2014, but fall in number of companies registered in the first quarter of the previous year (14,062). Cumulative number of companies incorporated in the British Virgin Islands as at 31 March 2015 was 478,865. Also, there were 1,104 Private Trust Companies and 701 Limited Partnerships registered in the jurisdiction at the end of Q1 2015.

According to the Investment Business statistics, 8 Professional and 4 Private Mutual Fund licences were granted in the first quarter of 2015. As at 31 March, 2015, cumulative number of Professional Mutual Fund licences granted was 1,479, and number of Private Mutual Fund licences was 525. Also, there were 83 Public Mutual Funds and 5 Foreign Mutual Funds registered in the jurisdiction. 

In the Insurance sector, the number of insurers and functionaries has not changed since the fourth quarter of 2014; as at 31 March, 2015, the total number of 221 insurance and functionaries licences was granted in BVI.

In the areas of Legal and Enforcement and International Cooperation, there were 29 enforcement matters in the reported period (24 in the fourth quarter of 2014). Also, the Commission issued statistics regarding ongoing supervision matters reviewed by the Licensing and Supervisory Committee, and the Onsite Inspections. Further information about financial services in the BVI jurisdiction in the first quarter of 2015 can be found on BVI FSC homepage.

New Members of the Board Appointed to BVI Financial Services Commission

Five new Commissioners have been appointed to the Board of the BVI FSC, effective 1 October 2014. The new members Ms. Denise Reovan, Mr. Ian Smith, Mr. Richard Peters and external Commissioners, Mr. Jonathan Fietcher and Mr. Edward Price will join Chairman Mr. Robin Gaul, Deputy Chairman Mr. Colin O’Neal and Managing Director/CEO of the FSC Mr. Robert Mathavious.

The newly appointed Commissioners replace previous members of the Board Ms. Eleanor Smith, Mr. E. Walwyn Brewley and Mr. Phillip Fenty whose appointments had expired. The Financial Services Commission Act, 2001 provides for the appointment of two external Commissioners to be appointed from outside the jurisdiction.

BVI FSC Issued Regular Quarterly Statistical Bulletin

Last week, the thirty-fourth volume of the BVI FSC Quarterly Statistical Bulletin was issued by the Commission, providing statistics and analysis about financial services industry in the BVI jurisdiction for the first quarter of 2014. According to the Registry of Corporate Affairs, the number of companies incorporated in this period increased to 14,062, from 11, 376 in the fourth quarter of 2013, the number of Private Trusts was 54 in the first quarter of 2014 (48 in Q4 2013 and 30 in Q1 2013), and there were 28 Limited Partnerships registered (24 in Q4 2013 and 15 in Q1 2013). At March 31, 2014, cumulative number of incorporations was 482,087, including all active companies.

According to the statistics provided by Investment Business industry, in this period 3 new Investment Business licences and 9 Approved Investment Managers licences were granted. In the Mutual Funds sector, 21 professional and 4 private licences were granted in the first quarter of 2014 (33 and 5 licences, respectively, in the previous quarter). 

In Insurance industry, 3 new licences were granted to captive insurers in the first quarter; cumulatively there were 143 captive insurers and 37 domestic insurers as at 31 March 2014.

By Legal and Enforcement and International Co-operation statistics, in the reported period there were 24 International Co-operation Matters requiring the disclosure of non-public information, 10 International Co-operation Matters requiring the disclosure of public information, and 32 Enforcement Matters. Among the ongoing Supervision Matters Referred to Licensing and Supervisory Committee in Q1 2014, there were 96 Banking and Fiduciary Services matters, 191 Investment Business matters, 99 related to Insurance, and 3 to Insolvency Services industry.

UK Minister for Overseas Territories Visited the BVI House Asia

The UK Member of Parliament and Under Secretary of State for Foreign and Commonwealth Affairs Hon. Mark Simmonds visited the BVI House Asia, Hong Kong, with a fact-finding trip. Mr Simmonds confirmed his support for the BVI, and stated that the financial services industry was a ‘fundamental pillar for the future of the BVI’. 

During his visit, Mr. Simmonds received presentations from Director of BVI House Asia Ms. Elise Donovan, Deputy Managing Director of the BVI FSC, Mr. Kenneth Baker, as well as presentations from some other members of the BVI financial services industry in Asia, which gave an overview of how BVI companies are used across the region. According to the Premier’s Office, the presentations outlined the advantages of doing business in the BVI, the flexibility of its corporate structures, legal system, and strong BVI legal expertise. 

The BVI practitioners told the UK Minister for Overseas Territories that the BVI was still the most important jurisdiction in the Asian market, and they were pleased that the BVI Government had established BVI House Asia to provide support for their work in Asia. They also stated that taxation was not a primary reason for using BVI corporate structures, and the most important reasons for use currently and in future are asset protection, wealth management, funds management, investment holdings and trading.

BVI FSC Issued Statistical Bulletin for the Fourth Quarter of 2013

In the beginning of this week, the British Virgin Islands Financial Services Commission published the thirty-third volume of Quarterly Statistical Bulletin, providing information on financial services industry in the jurisdiction during the last quarter of 2013. According to the statistics of incorporations and registrations, 11,376 new companies (as compared to 12,809 in the third quarter of 2013 and 14,783 in the fourth quarter of the previous year), as well as 24 limited partnerships and 48 private trust companies were registered in this period. Cumulative number of business companies in BVI as at 31 December 2013 was 459,882.

According to the bar graph included in the Statistical Bulletin and reflecting dynamics of business company incorporations in the jurisdiction during the years 2009-2013, there is a decline in the number of new companies in 2013, especially as compared to the years 2011 and 2012, when the peak amount of incorporations could be observed. In 2013, the number of newly incorporated companies is still higher than in 2009. 

By the Banking and Fiduciary Services statistics, four entities were licensed in the fourth quarter of 2013, and total number of licensed entities achieved 235 as at 31 December 2013. In Investment Business, 43 new licenses were granted in the reported period, of which 33 were issued to professional mutual funds, and 8 were investment business licenses. Four licenses were granted in Insurance industry sector.

In the sphere of Legal and Enforcement and International Cooperation, there were 16 international cooperation matters with formal requests, requiring the disclosure of non-public information, and 35 enforcement matters. Also, in the fourth quarter of 2013, 132 ongoing supervision matters were registered in Banking and Fiduciary Services sector, 161 in Investment Business, and 32 in Insurance.

Further information, statistics and analysis of BVI financial services industry in Q4 2013 can be found on the home page of the Commission.

Qianhai/Shenzhen Delegation Visits BVI to Discuss Economic and Financial Cooperation

The delegation from Qianhai Special Economic Zone and senior officials of the municipality of Shenzhen in the province of Guangdong, China, will visit the British Virgin Islands on January 9- 12 of 2014. The Qianhai/Shenzhen visit to the BVI will be headed by party chief of the Shenzhen Municipal Committee Dr Wang Rong.

During these days the six members of the delegation will meet with various stakeholders in the BVI to discuss the issues of cooperation in financial services, BVI economy, education and culture. They will have meetings with the governor, ministers and other senior government officials, among them the BVI FSC and the Tourist Board. The aim of the meetings is to discuss possible areas of understanding and cooperation between the BVI government and the Qianhai Authority, which is the modern service industry cooperation zone for the Municipality of Shenzhen - one of the wealthiest cities in China, ranked second in Forbes’ 2012 list of innovative mainland cities and eighth in the world in terms of its economic vitality.

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.

UK Minister for Overseas Territories Commends BVI FSC

Mark Simmonds, the UK Minister for Overseas Territories, in his comments in response to a question from MP Martin Horwood on the issue of international standards endorsed the strength of the BVI independent regulator, the Financial Services Commission (FSC). He named it “an extremely impressive regulator who wants to ensure that the British Virgin Islands has the highest possible international reputation.” He also said: “The (BVI) regulator wants it to be seen as a well regulated jurisdiction in order to encourage, rather than inhibit or hinder, further investment.”

Mark Simmonds also mentioned the “extremely positive” engagement by the Overseas Territories on the issue of tax transparency. His statement actually followed David Cameron’s praise of the UK Overseas Territories for the actions taken to ensure the highest standards of tax transparency. Cameron said that it was no longer fair to refer to the BVI and other similar jurisdictions as ‘tax havens’.

BVI FSC Issued Thirty First Volume of Quarterly Statistical Bulletin

The BVI Financial Services Commission has published the 31st volume of its Quarterly Statistical Bulletin, informing about financial services activities in the Territory in the second quarter of 2013. In the period ended June 30, 2013, 12,478 new companies were formed, compared to 16,666 in the previous quarter of this year, and to 15,200 incorporations in the second quarter of 2012. Cumulative number of active business companies at the end of Q2 2013 was 457,151. Also, the Registry of Corporate Affairs reported of 16 Limited Partnerships and 33 Private Trust Companies formed in the second quarter of 2013.

According to Banking and Fiduciary Sector statistics, 2 entities were licensed in the BVI jurisdiction in the three months period, both of them trusts, and the total number of licensed entities was 234 as at 30 June 2013. Banking sector also reported the following fiscal results for commercial banks in the second quarter of the year (in US$ thousands): total assets - $2,470,458, deposits - $1,871,986, total shareholders’ equity was $372,570, operating income - $45,799, and net income - $24,663. 

In Investment Business Sector, 4 new Investment Business Licences were granted and 6 Investment Managers approved in the three months period. Also, 30 new Mutual Funds were licensed (21 of them Professional, and 9 Private), as compared to 39 newly licensed Mutual funds in the first quarter of 2013, and 22 funds in the second quarter of the previous year. Cumulative number of Mutual Funds as at 30 June 2013 was 2,277.

In the second quarter of the year, there were 24 Formal Requests in the sphere of International Cooperation, as well as 4 formal, and 51 Enforcement Matters. In Investment Business sector, 280 Ongoing Supervision Matters were reviewed by the Licensing and Supervisory Committee; 94 Matters referred to LSC related to Banking and Fiduciary Services, 28 related to Insurance, and 4 – to Insolvency Services.

BVI FSC Issued Guidelines for Authorised Representatives under SIBA Act

Last week, BVI FSC published a document named ‘Guidelines for Authorised Representatives Under the Securities and Investment Business Act (September 2013)’, where provided information and guidelines about functions of Authorised Representatives, their qualifying procedure, reporting requirements, and other issues. The document, published on the home page of the Commission, was approved by the Board of Commissioners on 27 August, and issued by the FSC on 10 September, 2013.

In accordance with the Securities and Investment Business Act, 2010 (“SIBA”), every licensee and public, private, professional or recognized foreign fund is required to appoint an Authorised Representative, who will act as the main intermediary between the licensee or fund and the BVI FSC. The issued Guidelines define the procedures and the proper criteria for qualifying to act as an Authorised Representative, how an application to act as an Authorised Representative must be made, and submitted to the Commission. They also inform about the beneficial ownership structure of an Authorised Representative to be certified and properly supervised by the Commission. 

It is provided by the Guidelines that a person certified as an Authorised Representative must be independent, meaning, for example, that it may not carry out any other services except for those associated with the provision of services as an Authorised Representative. Also, an Authorised Representative must be based in the British Virgin Islands, and everyday functions of the Authorised Representative must be carried out by individuals resident in the Territory.

The Guidelines state the functions and responsibilities of an Authorised Representative, as outlined in SIBA, human resource requirements, and those concerning general reporting and financial statements.

'BVI House Asia' Opened in Hong Kong

The jurisdiction of the British Virgin Islands has launched Hong Kong office, which will have the functions of representing BVI in mainland China and the entire Asia Pacific region. The official opening of “BVI House Asia” was hosted by the British Consul General to Hong Kong and Macau Caroline Wilson, and took place on September 5 at the British Consulate. The event was attended by up to 100 HK professionals, as well as by leading financial services practitioners and representatives of several governments, including Hong Kong, the United States, European Union, Switzerland and Ireland.

BVI House Asia will facilitate a smooth interface between the industry in Asia and the BVI; it will allow responding to enquiries of a social, political or economic nature from the region, and promoting China’s and HK investments into the BVI economy. Other functions of the BVI office in Hong Kong will be to provide quick access for certain information services to users of BVI business companies, and to develop the relationship of the BVI with mainland China not only in financial areas but also in the spheres of education and culture. 

Through the BVI Financial Services Commission (BVI FSC), BVI House will help strengthen ties with regional government authorities. In the next few months, the Commission will also provide resources for the House, including staff, which currently includes of the interim director and a chief operating officer Heather Tang.

MOU with ESMA Signed by 25 European Securities Regulators

According to the press release issued by the British Virgin Islands Financial Services Commission, twenty-five European securities regulators signed Memorandum of Understanding (MOU) concerning consultation, cooperation and the exchange of information related to the supervision of Alternative Investment Fund Managers with the BVI FSC.

The MOU signed in May 2013 was negotiated and approved by European Securities and Markets Authority (ESMA), and provided for the supervision of alternative investment funds, including hedge funds, private equity funds and real estate funds. The signings ensure that the BVI Mutual Fund Industry will be able to market its products within the European Union.

It was stated in the press release that the Commission had been negotiating with ESMA since April 2012, and through its participation in the process, is confident that the MOU represents a balanced approach, and is pleased to have executed the agreements which demonstrate the recognition and importance of BVI funds in the global industry.

BVI FSC Published Quarterly Statistics for Period Ended March 2013

The British Financial Services Commission has published the regular volume of its Quarterly Statistical Bulletin, providing statistics and analysis of financial services industry activities in the jurisdiction in the first quarter of the year, ended March 31, 2013. According to the information of the Registry of Corporate Affairs, 16,666 new companies were incorporated in this period, as compared to 14,783 in the fourth quarter of 2012, and 17,865 in the first quarter of 2012. Cumulative number of active companies incorporated in the BVI at the end of Q1 2013 was 482,747. Also, there were 565 Limited Partnerships and 1,061 Private Trust Companies registered in BVI by the end of the reported period.

Banking and Fiduciary Services sector shows the following figures for commercial banks in the first quarter of 2013 (in US$ thousands): total assets made $2,436,445, deposits made $1,809,321, total shareholders’ equity was $416,240, operating income was $24,982, and net income was $13,673. 

In Investment business, 10 new Investment Business Licences were granted in the first quarter of the year (6 in Q4 2012, and 16 in Q1 2012), and 39 Mutual Funds were licensed (27 in Q4 2012 and 32 in Q1 2012). Cumulative number of Investment Business Licences as of 31 March 2013 was 530, and cumulative number of Mutual Funds was 2303.

According to Insolvency Services statistics, total number of Insolvency Practitioners in Q1 2013 was 23, the same as in the fourth and the first quarters of 2012. In the Insurance business sector, two insurance licences (1 captive and 1 domestic) were granted in the reported period, making the cumulative number of licences in this industry to achieve 229. 

As concerns Legal and Enforcement and International Cooperation statistics, there were totally 32 Enforcement Actions during the first three months of the year, including Advisory Warnings, Directives, Administrative Penalties, etc. Other information, including statistics on Ongoing Supervision and Onsite Inspections, can be found on the website of BVI FSC.

BVI FSC Signs Agreement with the European Securities and Markets Authority

The European Securities and Markets Authority (ESMA) has approved the co-operation agreement between the British Virgin Islands Financial Services Commission and EU securities regulators. The Memorandum of Understanding allows the BVI Mutual Fund Industry to market its products in the European Union and to EU investors. It provides for the supervision of alternative investment funds, including hedge funds, private equity funds and real estate funds.

 

Before signing the MOU with the ESMA, the Financial Services Commission had discussions with it concerning the European Union’s Alternative Investment Fund Managers (AIFMs) Directive, the draft version of which was issued by the European Commission in 2009, and which is focused on creating a comprehensive regulatory and supervisory framework as well as common regulatory standards for all European AIFMs.

 

The Memorandum of Understanding between the BVI FSC and ESMA is to a large extent based on the IOSCO Multilateral Memorandum of Understanding. The Commission has been in negotiations with ESMA since April last year.

 

It is said in the press release published by the Commission that “the MOU between the FSC and EU securities regulators is further evidence that the FSC remains committed to fulfilling its international obligations relating to information exchange and combating illicit activity that may involve the use of regulated financial services structures. In addition, it demonstrates the recognition and importance of BVI funds in the global funds industry.”

 

Managing Director/CEO of the FSC Robert Mathavious said in his comments that “the Commission looks forward to working with ESMA and the EU countries ensuring that the BVI continues its commitment to meeting its international obligations and standards.”

 

BVI FSC Issued 29th Volume of Quarterly Statistical Bulletin

Twenty-ninth volume of Quarterly Statistical Bulletin was issued by the British Virgin Islands Financial Services Commission, providing statistics and information on the financial services activities in the territory in the fourth quarter of 2012. According to the statistics of the Registry of Corporate Affairs, 14,783 new companies were incorporated in BVI during this period, as compared to 16,251 companies in the third quarter of 2012, and 12,974 in the fourth quarter of 2011. Cumulative number of companies newly registered in the BVI was 459,005 as at 31 December 2012. In the fourth quarter of 2012, 36 Limited Partnerships and 21 Private Trust Companies were registered.

According to Banking and Fiduciary services statistics, total assets of BVI-registered commercial banks in the fourth quarter of 2012 were $2,472,3mln; deposits were $1,827mln; total shareholders’ equity $400,7mln; net interest income was $44,3mln.

In Investment Business sector, 6 new Investment Business Licences were granted in the reported period. In Mutual Funds sector, 27 new licences were issued, of which 19 are professional and 8 are private licences. The Bulletin includes year-by-year statistics, from the fourth quarter of 2009 to the fourth quarter of 2012, showing the dynamics of how cumulative number of Active Mutual Funds was changing in this period. From Q4 2009 to Q4 2012, the number of Active Public Funds decreased from 216 to 151; the number of private funds decreased from 816 to 577; and the number of professional funds fell from 1,905 to 1,590.
There were 23 Insolvency Practitioners in the British Virgin Islands by the end of the fourth quarter of 2012.

Also, in the fourth quarter of 2012 there were 55 Enforcement Matters in the sector of Legal and Enforcement and International Co-operation. Ongoing Supervision Matters Referred to LSC included 103 matters in Banking and Fiduciary Services, 259 in Investment Business, 139 in Insurance and 10 in Insolvency Services.