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by pltm
(PLTM) - The latest quarterly figures from the BVI Financial Services Commission (FSC) show an annual increase of 20% in new company incorporation figures in the international business and finance centre of the British Virgin Islands (BVI).
According to BVI Finance, this further demonstrates the strength and resilience of the Territory as it continues to rebuild.
According to the Q2 2018 FSC quarterly statistical bulletin, though company incorporations experienced a marginal decrease quarter-on-quarter (9,126 vs 9,798) they were up by 20% on Q2 2017 (9,126 vs 7,621). Q2 2018 also outperforms Q2 2016 with a 35% increase.
This follows very strong Q1 2018 results, where incorporations increased by more than 14% quarter-on-quarter (9,798 vs 8,538) and were up more than 12% on Q1 2017 (9,798 vs 8,695). These also represented the highest number of new incorporations in the BVI in a first quarter in three years.
According to BVI Finance, the latest FSC bulletin also revealed an uptick in the registration of security interests, rising both quarterly (from 2,291 to 2,437) and annually (from 1,892 to 2,437). These figures demonstrate that BVI companies are not only being formed at an enhanced rate, but their businesses are increasingly active.
Commenting on the findings, Colin Riegels, Managing Partner of Harneys said: “The last three consecutive quarterly reports in the BVI show statistically peak levels of security registration, which is consistent with a hyperactive period in relation to the use of BVI companies in debt financing structures.”
Lorna Smith, OBE, Interim Executive Director of BVI Finance said: “Despite facing significant challenges, the BVI continues to experience extremely robust annual growth in the number of new company incorporations for yet another quarter."
She added, "It is also positive to see the uptick in the number of Limited Partnerships (LPs) – there was an increase of 73% when compared to Q2 of last year, and a 23% increase from the recent Q1 figures."
Smith said that, the BVI has always been committed to ensuring that it adapt and create flexible products, and the limited partnership legislation is one they are extremely proud of.
"We created new provisions for limited partnerships in the BVI that will be highly attractive to funds and the quarter-on-quarter increases show that we got it right. We continue to rebuild stronger and ensure the BVI is a crucial global financial centre," she stated.
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