The British Virgin Islands has reached a three-year high in the number of new companies that have incorporated with the territory’s international business and finance centre.
The BVI Financial Services Commission’s (FSC) quarterly report said 9,798 new companies incorporated between January and March of this year, and this represents a 14 percent increase coming out of the last quarter of 2017.
The figure – the highest number of new incorporations in the BVI in the first quarter of a year since 2015 – was achieved mere months after the territory was devasted by two category-five hurricanes.
“In early 2018, we were still very much in recovery mode just three months after so many homes and businesses across the islands were destroyed. To see that we had our best quarter for incorporations for three years in that period is encouraging indeed,” said Interim Executive Director of BVI Finance, Lorna Smith.
“Since Irma and Maria struck, our mantra has been that we must rebuild the BVI stronger than it was before the hurricanes. I am confident we will achieve this because of the spirit, quality and determination of the professionals who work to offer the global business community a unique centre for their international business needs,” she added.
Smith attributes the achievement largely to the FSC and the rest of the territory’s financial services industry who, she said, “worked tirelessly to keep our systems online and our customers informed”.
“Many on-island professionals came back to work in the new year in temporary offices and accommodation, surrounded by destruction.”
The Smith-led BVI Finance also noted the territory’s Limited Partnership Act which became law during the first quarter of this year.
The implementation of that law also had a strong part to play in the “astonishing achievement”.
According to BVI Finance, the Act supports the growth of partnership vehicles in the BVI. This and other features of the law are believed to have attracted more businesses from the investment and private equity sectors to base their businesses in the territory.
Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.