FSC earns more $$ in 2018 compared to last year
Premier Dr D Orlando Smith
The Financial Services Commission (FSC) is reportedly performing considerably better in generating revenue this year than last year.
This is according to statistics from Minister of Finance, Dr D Orlando Smith.
Within the first three months of 2018, the FSC earned some $8.5 million more than it did during the same period in 2017.
For the first three months of last year, the FSC generated $25,380,887. The FSC earned $33,964,532 during the corresponding period this year.
The FSC saw an increase in revenue despite experiencing a drop in the number of cumulative active companies registered with the Commission.
The Commission had some 26,793 fewer active registered companies in the first three months of this year than last year.
“There was an increase in fees and this is why there was an increase in revenue,” Dr Smith explained in the House of Assembly on Thursday, June 28.
“We still have to be very careful, very conscious. This is why we still have to promote the sector,” added the finance minister, who recently returned from a two-week trip to Asia to promote local financial services.
News of the FSC’s good performance comes amid the United Kingdom’s public registers policy, which is feared will have negative effects on local financial services, if implemented in the BVI.
The sector accounts for about 60 percent of the territory’s annual revenue.
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Is this increase in fees one off events or do the increases represent additional annual income that will repeat itself annually moving forward.
It is not a one-off. They have permanently increased the fees.
But that will probably result in a reduction in the number of companies (because some people will migrate to cheaper jurisdictions). So it is likely this will be a windfall year, and total revenues will be smaller next year.
It is a permanent increase in annual fees by $100 per company.
One is optimistic that the latter portion of your question is the reality, bro C.
Let;s hope and keep it alive!!
Great so the 1st quarter(Jan-March)2018 earned more than the 1st quarter of 2017. This news seems a bit old. The 2nd quarter ended last week(April-June) so what is the income for the 2nd quarter? Do we have to wait until October 2018 for the answer? There must be a method for the FSC accountants to speed up this quarterly income reporting, like maybe by the end of this month(July)for the 2nd quarter’s income!
No company minds $450 a year in fees to the government.
But many resent the 2 or 3 thousand dollars charged by the so called “ registered agents “ to collect them.
Get rid of these parasites , let the government charge $1000 a year directly to the companies, and everyone will be better off.
So the Minister of Finance can quickly say how the FSC is doing, but is incapable of releasing audit figures (even handily internally massaged figures) on the cruise pier project and its massive overruns? Apparently, someone only likes to take the responsibility for good news stories, not the Horlicks that exist elsewhere. SSDD, welcome to the BVI!
Methinks the BVI did a good job or learning only the bad habits from global politics and not so many of the good ones.
Sure there’s corruption worldwide, but there isn’t only corruption.
At least we excel at something based per capita.
That’s because the fees were increased before Irma to take effect 1st January 2018…and so the fees were even doubled in some cases…this doesn’t mean that business increasing…so let nobody don’t try to twist or fool anyone