BVI FSC Issued Statistical Bulletin for Q3 2018

Last week the British Virgin Islands Financial Services Commission has published the fifty-second volume of Quarterly Statistical Bulletin, where provided analysis and statistics on the financial services industry in the third quarter of 2018.

According to the information provided by the Registry of Corporate Affairs, which is responsible for maintaining the required Registers of Companies, in the three months ended on September 30, 2019 there were 9,575 Business Companies incorporated in the jurisdiction, which is an increase as compared to 9,126 BC’s registered in the second quarter of 2018, and a 25.34% increase compared to 7,639 companies incorporated in the third quarter of 2017. Total number of BCs on the BVI Register as at 30 Sept 2018 was 422,594. 99.86% of Business Companies registered in the BVI are Companies Limited by Shares.

There were 114 new Limited Partnerships formed in Q3 2019 - compared to 38 in the previous quarter of 2018 and 23 in the third quarter of 2017. As at 30 September there were 917 active Limited Partnerships as a result of the steady increase of their number. 

In Banking, Insolvency and Fiduciary services, there was 1 Restricted Banking License and 6 General Banking Licenses issued in the third quarter of 2018. Total Deposits rose by US$467,284 (27.92%) in Q3 2018 when compared to total deposits in Q3 2017 and by US$119,544(5.91%) when compared to Q2 2018. For BVI licensed commercial banks, net interest income was US$68,648 - this is 4.81% increase when compared to Q3 2017, and 46.97% increase when compared to Q2 2018. Also, in Q3 2018 3 new Investment Business Licences were issued, making total number to reach 411 at 30 September 2018.

According to the statistics of the Enforcement Committee, there were 53 enforcement actions levied; 1 administrative penalty, 4 public statement, 1 licence revocation and 2 strongly worded letters against licensees. More information and details can be found on the home page of the Financial Services Commission.