Company incorporation suffers another fall
The number of companies incorporated for the first quarter of each year is shown in BLUE. The other colours represent different quarters each year. Chart provided by the BVI Financial Services Commission.
There is more bad news for the territory’s financial services industry; this as new statistics from the BVI Financial Services Commission show company incorporation hitting a new low in the first quarter of this year (January to March).
The total number of companies incorporated during the said period is 8,695.
That represents the weakest performance yet in any first quarter over the last five years.
It is also roughly 8 percent less than the number of companies incorporated in the first quarter last year.
The company incorporation aspect of the financial services industry has been declining for some time now.
Premier and Minister of Finance Dr D Orlando Smith, in January this year, blamed the downward movement on factors such as bank derisking, changes in global regulation, and what he called unprecedented levels of scrutiny and attention.
The premier, in the meantime, reiterated the importance of the territory diversifying its offerings in the industry to include services such as international arbitration, which is relatively new to the British Virgin Islands.
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