BVI News

REPORT: Company incorporation finally increases

SOURCE: Financial Services Commission

For the first time in five years, the British Virgin Islands (BVI) has recorded an increase in company incorporation for a second quarter – April to June.

When compared to the second quarter last year, incorporation this year increased by 864.

According to the latest Statistical Bulletin from the Financial Services Commission, company incorporation for the second quarter this year is 7,621.

That is a marginal increase over the corresponding period last year, but it is still below the relatively high number of incorporations usually reported in second quarters up to the year 2015.

Since that year, incorporations generally have seen big declines – a trend the government has blamed on factors such as negative publicity in the international press, as well as an international clampdown on money laundering and tax evasion.

In response to the declines, the BVI government has taken steps to better diversify the financial services industry through relatively new products such as international arbitration.

To read the latest Financial Services Commission report on company incorporation and other related issues, please CLICK HERE.

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