British Virgin Islands news: Company incorporations show “continued decline”

The BVI Beacon reports that company incorporations in the British Virgin Islands (FSI rank: 20) show a “continued decline”.

“Company incorporators in the Virgin Islands formed 29,144 companies during the first six months of 2013, about 400 fewer than were formed in the first six months of 2012.”

“Incorporation figures declined nearly 18 percent during the second quarter of 2013 compared to the same period during the previous year.”

The article explains that incorporations “have yet to recover fully after suffering a sharp drop from 2007 highs due to the global slowdown in economic activity.”

The incorporation figures are also available in a statistical bulletin on the British Virgin Islands Financial Services Commission website, and in fact show an accelerating decline, from -7% year-on-year in the first quarter of 2013 to -18% year-on-year in the second quarter.

In April the first articles in the Offshore leaks series by the International Consortium of Investigative Journalists were published, uncovering the identities of thousands of previously anonymous owners of BVI registered companies.

According to the statistical bulletin, as of 30 June 2013 there were 457,151 active incorporated companies in the British Virgin Islands (population 30,000).


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