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.

Final Economic Substance Requirements Issued by BVI International Tax Authority

The BVI International Tax Authority has finalized the regime of new economic substance rules. The new rules, effective from the beginning of 2019, are included in the Economic Substance (Companies and Limited Partnership) Act, 2018.

According to the new requirements, which are effective in the large part of the European Union, and which have been supported by OECD BEPS Inclusive Framework members, the companies tax resident in a low or no tax jurisdiction and engaged in key activities identified by the EU, in order to access the tax regimes of the territory are obliged to meet minimum substance requirements as part of their annual tax return. 

In some business sectors, activities generating income must be primarily conducted with qualified employees and operating expenditure in the jurisdiction. Among the main activities identified by the European Commission Code of Conduct Group there are banking, insurance, financing and leasing, fund management, shipping, intellectual property, and holding companies whose income is generated from any of the above activities.

For each of the core activities standards vary to reflect the different needs of the companies involved, and are to ensure that there are sufficient activities undertaken in the relevant jurisdiction to reflect the amount of profits accounted there. The substance requirements will include being able to demonstrate that the company is directed and managed from the relevant jurisdiction, has physical office and sufficient level of employees and annual expenditure.

Bank of Asia (BVI) Started Full Online Operations

Bank of Asia (BVI) Limited started full operations in September 2019, and is actively accepting clients. Its customers can complete the account application procedure online through their website. Now customers can establish their accounts by following instructions, and even upload certified documents 24/7. Banking services are provided online through digital platform.

Bank of Asia is one of the first fully digital global banks and the first bank in BVI to be licensed in more than 20 years. It has built its platform with the latest technologies, reducing transaction time and expense. The bank focuses of various types of deposits, including saving deposits, current deposits, time deposits, and remittance services. Prepaid cards and debit cards are expected to be introduced by the Bank. 

Chairman and Founder of Bank of Asia commented: “FinTech is the future. The British Virgin Islands, which is the world’s leading offshore jurisdiction, is home to Bank of Asia. We are proud to be the first bank to be licensed by the BVI in more than two decades and we are offering smart financial and lifestyle services to customers using innovative technology, products and better customer service globally.”

New Volume of Statistical Bulletin Published by the Commission

The BVI Financial Services Commission has issued the fifty-fourth volume of its Statistical Quarterly Bulletin, providing information about the financial services activities in the jurisdiction in the first quarter of 2019.

According to the Registry of Corporate Affairs, 7,214 new companies were incorporated in BVI in the first quarter of the year, which is 19.09% decrease compared to 8,916 in the fourth quarter of 2018 and 26.37% decrease compared to 9,798 in the first quarter of 2018. Total cumulative number of registered BCs as at 31 March 2019 was 408,838. Also, in the first quarter of 2019 there were 12 new Private Trust Companies, 1 Segregated Portfolio Company, 1 Foreign Company registered, along with 80 continuations. 

There were 56 new Limited Partnerships (LPs) formed in Q1 2019, which is a 80.65% increase when compared to 31 formed Q1 2018, and a 51.35% increase in the number of LPs formed in Q1 2019 when compared to 37 LPs formed in Q4 2018. Total cumulative number of active Limited Partnerships was 977 as at 31st March 2019.

In the first quarter of 2019, there were 57 new applications to register new Trade Mark, which is an increase by 21.28% when compared to Q1 2018, and a decrease by 1.72% when compared to Q4 2018. According to Banking, Insolvency and Fiduciary Services statistics, there were 6 new General Banking Licences and 1 Restricted Class 1 Banking Licence issued in the first quarter of 2019. The banking sector’s total asset size in this quarter at approximately US$2.43 billion is comparable to Q4 2018’s performance of US$2.37 billion. 

International Cooperation statistics records the number of incoming and outgoing requests for information, classified as formal or informal. In the first quarter of 2019, there were 15 formal and 5 informal incoming and no outgoing requests. Further information and statistics is available at the website of the Financial Services Commission.

National Bank Suspending Loan Payments

The National Bank of the Virgin Islands announced that it would put a three-month suspension on payments for all personal, residential and commercial loans, in connection with Hurricane Irma. The customers having personal loans are not required to take any action, while persons with residential mortgages and commercial loans are required to fill out and sign a form confirming the status of their property and/or business, insurance claims, and future intentions.

All payment moratorium requests are to be submitted to the Bank by October, 27, while those who wish to continue payment need only contact the bank. 

The National Bank will also host a series of community outreach sessions aimed at facilitating customers who want to take advantage of its loan concessions.

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 Being Confident in BVI licensed Financial Institutions

British Virgin Islands Financial Services Commission issued press release in the end of October in which expressed confidence in the banking sector of the jurisdiction. As the sole financial regulator responsible for supervision of all financial institutions licensed in BVI, the FSC are confident in its regulatory procedures and processes, and are actively working with financial institutions to assist in achieving satisfactory compliance.

In the published press release, the Commission stated that it is unable to give comments on the financial condition of any individual financial institution in the jurisdiction but can confirm that BVI licensed banks are well capitalised and have adequate level of liquidity. The Commission announced that they do not expect any failure in the BVI banking sector.

First Days of BVI Asian Trade Mission in Hong Kong and China

BVI Premier and minister of finance Dr Orlando Smith said in his speech during the BVI Asian Trade Mission in Hong Kong that the Asia Pacific Region is a fundamental market for the British Virgin Islands. In the first days of the two week event which will make stops in HK and four cities of China, Premier headed the delegation in a number of meetings, which started with discussions with executives of Top Search International Holdings, a multi-disciplinary services group working in the spheres of insurance, asset management and banking. They discussed developments in the global and BVI financial services industry.

Among other visits, the BVI delegation had a meeting with executives of the Bank of Asia BVI Limited, to get an update information on the launch of the bank which is anticipated both by HK and BVI practitioners. 

On the first day the BVI Premier hosted a luncheon with financial services practitioners in Hong Kong, representing various sectors of economy. During the meeting Smith was speaking about the strong partnership between BVI, HK and China, about BVI advantages ad developments in the BVI financial services sector, including beneficial ownership.

On the second day of the BVI Asian Trade Mission, BVI delegation led by the Premier met with senior members of the marketing and international departments of the China National Tourism Administration; also, BVI Finance hosted the first of a series of roadshows, themed “Strategies for Global Success - BVI: The International Partner of Choice.”

BVI Premier Expressed Concerns about International Banks

Premier and Minister of Finance Dr Orlando Smith said that the real issue for the BVI, as well as for the whole Caribbean and Latin American region, is the threat of international banks limiting or terminating their relationships with regional financial institutions. According to the premier, this matter is being discussed at the 'highest level of the Caribbean region', and representation has been made through all the banks - the banks' headquarters, correspondence banks, agencies, the United Kingdom and America.

The international banks' withdrawal due to unspecified concerns about money laundering is among the major issues being discussed at CARICOM Heads of Government meeting in Georgetown, Guyana. The organization has already stated that the problem presents ‘a number of threats to the region’s financial and economic stability’. 

Correspondent banking is crucially important to small developing economies; correspondent banks, which act as domestic banks' overseas agents, actually facilitate trade investments and remittances.

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.

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.

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.

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 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.

New Volume of Statistical Bulletin Issued by BVI FSC

This week, the Commission published the twenty-eighth volume of its Quarterly Statistical Bulletin, comprising statistics and analysis of BVI financial services industry for the third quarter of 2012. In the three month period, ended September 2012, 16,251 new companies and 20 limited partnerships were incorporated on the territory – more than in the second quarter of the year. As compared to the previous years, the number of company incorporations in the third quarter of 2012 was less than in the same quarter of 2011 (17,056), but more than in the years 2010 and 2009 (15,946 and 13,368, respectively). According to the Registry of Corporate Affairs, cumulative number of active business companies achieved 473,707 as at 30 September 2012, and cumulative number of limited partnerships achieved 496.

By the Banking and Fiduciary Services statistics, banking sector of the British Virgin Islands showed the following figures in the third quarter of 2012 (in thousands of US$): Cash items in the amount of $689,815, loans and advances in the amount of $1,600,974, total assets - $2,438,154, total shareholders’ equity - $449,670, net income - $31,235.

In the Investment Business, 3 new Investment Business licenses and 29 Mutual Funds licenses were granted in the reported period. Cumulative number of active mutual funds in Q3 2012 was 157 public funds (181 in Q3 2011), 591 private funds (718 in Q3 2011), and 1,610 professional funds (1,728 in Q3 2011).

In the sector of Legal and Enforcement and International Cooperation, 51 enforcement matters were registered in the reported period, and 31 formal requests for international cooperation, requiring the disclosure of non-public information. There were 14 enforcement actions, 12 of them – before the Enforcement Committee. Among the matters referred to the Licensing and Supervisory Committee in the third quarter of 2012, 79 related to Banking and Fiduciary Services, 332 related to Investment Business, 46 – to Insurance, and 7 – to Insolvency Services.

BVI FSC Issued Statistical Bulletin for Second Quarter of 2012

Last week, the British Virgin Islands Financial Services Commission published Quarterly Statistical Bulletin, providing information and analysis of financial services activities in the BVI jurisdiction. The newly issued Volume 27 includes statistics for the second quarter of 2012.

According to the information of the Registry of Corporate Affairs, in the second quarter of the year 15,200 International Business Companies and 15 limited partnerships were incorporated in the BVI, as compared to 17,865 companies and 18 limited partnerships registered in the first quarter of 2012. Cumulative number of companies incorporated in the BVI as at 30 June 2012 was 447,801, and the number of limited partnerships was 442.

In the Banking and Fiduciary Services sector, one Money Services/Financial Business licence was issued in Q2 2012. The Banking sector statistics for commercial banks showed the following: total assets – $2, 39 million, deposits - $1, 73 million, net income - $11, 6 million, profit margin – 38,57%.

In Investment Business Sector, 10 new Investment Business Licences, 17 professional and 5 private licences for Mutual Funds were granted in the second quarter of the year. Cumulative number of investment business licences as at 30 June 2012 was 532; total number of professional mutual funds was 1621. Cumulative number of active mutual funds was lower in the reported second quarter of 2012, as compared to the same periods of 2011, 2010 and 2009.

In Q2 2012, total number of insolvency practitioners was 24 (25 in Q2 2011, 20 in Q2 2010). According to insurance statistics, one captive insurance licence was granted in this period.

According to Legal and Enforcement and International Cooperation statistics, total number of international cooperation matters in the second quarter of 2012 was 42 (42 in Q1 2012, and 44 in Q2 2011). Among ongoing Supervision Matters reviewed by the Licensing and Supervisory Committee, 110 referred to Banking and Fiduciary Services sector, 446 referred to Investment Business sector, and 60 referred to Insurance sector.

British Virgin Islands Introduce IBAN

Premier and Minister of Finance of the British Virgin Islands, D. Orlando Smith, OBE, told the Department of Information and Public Relations that the introduction of the International Bank Account Numbers (IBAN) is a very important developent for the British Virgin Islands territory. By his words, this step “has positioned the BVI as a world-class banking centre, by putting the BVI on the same level with more than 50 other countries”, nurturing BVI´s banking business overall. He also added: "We are convinced that the BVI banking industry, although very small compared to other banking centres, will grow further as it continues to participate in activities to engage international standards of the industry."

The Ministry of Finance of the jurisdiction, upon the initiative of the BVI Bank Association, endorsed the application for a national country code to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) – the official registrar to the IBAN. SWIFT approved the application allowing the national IBAN format for the BVI available to worldwide banks effective this month.

President of the BVI Bank Association Ms. Joycelyn Murraine said that, BVI being a member of IBAN, efficiency will be gained, enabling Straight Through Processing, and by that the territory can attract significant banking business from new markets and banks.

The International Bank Account Numbers are unique codes assigned to bank accounts to standardise and simplify the international money transfer process.

BVI FSC Publishes Financial Statistics for Q2 and Q3 of the Year

Last week, the BVI Financial Services Commission published the twenty-third and twenty-fourth volumes of its Quarterly Statistical Bulletin, providing information on financial services activities in the territory in the second quarter and the third quarter of 2011, respectively.

In the second quarter period, ended 30 June 2011, there were 15,689 business companies newly registered in the BVI, as compared to 12,815 in the same quarter of 2010. Also, there were 13 Limited Partnerships registered in the second quarter of the year. According to the Banking and Fiduciary Services statistics for commercial banks, in this period total assets were US$2,419 mln, cash items were US$717,028 mln, loans and advances were US$$1,529 mln, total liabilities were about US$2 mln.

Total number of Licensed Insolvency Practitioners, including Full and Restricted Licenses, in the second quarter of 2011 was 25. In the sphere of Legal and International Cooperation, there were 24 International Cooperation Matters, and 44 Enforcement Matters. The Licensing and Supervisory Committee (LSC) in these three months has reviewed 538 matters.

The twenty-fourth volume of the BVI Financial Services Commission's Quarterly Statistical Bulletin, providing information on financial services activities in the third quarter of 2011, informs about 17,056 business companies incorporated in this period. Cumulative number of business companies as at 30 September 2011 was 457,331. In the third quarter of 2011, 12 Limited Partnerships were established, cumulative number of Limited Partnerships was 545.

According to the Banking and Fiduciary Services statistics, total assets in this period were US$$2,450 mln, cash items were US$724,6 mln, loans and advances were US$1,582 mln, total liabilities were US$2,028 mln.

According to Legal and International Cooperation Statistics, in the third quarter of 2011 there were 38 International Cooperation Matters, and 31 Enforcement Matters; 357 matters were reviewed by the Licensing and Supervisory Committee.

BVI Premier Discusses Dormant Accounts with BVI Bank Association

The government of the British Virgin Islands continues its consultations on the proposed dormant accounts bill, which has already had its first reading in the House of Assembly of the British Virgin Islands on April 19, 2011.

On June 3, 2011, Premier and Minister of Finance Hon. Ralph T.O'Neal, OBE and Financial Secretary Mr. Neil Smith had a meeting and discussion on this matter with the members of the British Virgin Islands (BVI) Bank Association.

The Bill titled “Dormant Accounts Act, 2011” is aimed to provide a framework by which unclaimed assets are ceded to and managed by the Government of the British Virgin Islands. It will also include protocols for the management of accounts and will clearly outline procedures for the claimants.

Regular Statistical Bulletin Published by BVI FSC

The British Virgin Islands Financial Services Commission has published the twenty-first volume of its Quarterly Statistical Bulletin, providing statistics and information on financial services activities for the fourth quarter of 2010.

By the information of the Registry of Corporate Affairs, for the fourth quarter period ended 31 December 2010 there were 14,267 Business Companies newly registered, a little decline if compared to 15,946 companies in the third quarter of 2010. Cumulative number of business companies as of 31 December 2010 was 459,364. Also, there were 29 Limited Partnerships registered in Q4 2010 (cumulative number 679). In total, in the year 2010 more BVI Business Companies were registered than in 2009, but the number of new incorporations was still lower than in the years 2007 and 2008.

The Banking Sector statistics of commercial banks for the fourth quarter 2010 comprised the following figures: total assets - US$2,453 million, cash items – US$757,7 million, total liabilities – US$2,062,6 million. Net income was US$36,316, loan loss reserves were US$1,4 million.

The Investment Business statistics has shown that total number of licences granted in the fourth quarter of the year was 31, cumulative number of licences as at 31 December 2011 being 2706.

As of the end of the fourth quarter of the year, there were 20 insolvency practitioners including full and restricted licences. Cumulative number of Insurance licences granted as at 31 December 2010 was 255 (16 issued in the fourth quarter of the year).

According to the Legal and International Co-operation statistics, in Q4 2010 there were 26 International Cooperation Matters, 24 of them being formal requests, and 25 Enforcement Matters. Also, in the fourth quarter of 2010 there were 644 Matters before the Licensing and Supervisory Committee (LSC), and 5 on-site inspections.