British Virgin Islands Offshore Business Rises

04 Jan

Coat of Arms of the British Virgin IslandsThe British Virgin Islands Financial Services Commission has published statistics on the islands’ financial services industry for the second and third quarters of 2011, showing that business activity increased last year.

Business incorporations and registrations, at 17,056 in Q3, showed improvement on Q2 registrations and incorporations of 15,689. This was a marked increase on that recorded in Q3 2010, where a total of 15,946 businesses were registered or incorporated, with 2011 set to breach 2010 levels. Incorporation and registration statistics however remain subdued compared to 2008 levels.

A total of three banking or fiduciary service licenses were issued in the third quarter. Total assets under management in the banking and fiduciary sectors increased over the quarter, to USD2.45bn, up from USD2.418bn in Q2 2011.

A total of 44 investment business licenses were issued in Q3, down from 50 the previous quarter. This was an improvement on the 31 licenses approved in Q3 2010.

During the third quarter, the British Virgin Islands provided information to third countries, facilitating 31 formal requests for non-public information, an increase on the previous quarter but consistent with Q3 2010 levels.

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