As reported by the BVI Beacon, the most recent company incorporation statistics from the British Virgin Islands show 11.471 companies were incorporated in the second quarter of 2014, taking the total for the first half of 2014 to over 25 thousand.
This represents an 8% fall in Q2 of 2014 compared to the same period of last year.
However, as the graph below shows, company incorporations are recovering compared to the 23% drop in the last quarter of 2013.
BVI Company Incorporations to Q2 2014
Source: based on data from BVI Financial Services Commission
In 2013 and early 2014 the BVI offshore sector was hit by Offshore Leaks and China Leaks, but it has also been carrying out consistent promotional efforts abroad including recently sponsoring the China Offshore summit in Shanghai. The BVI government’s office in Hong Kong – BVI House Asia – also celebrated its one year anniversary in September.
The upcoming Q3 data from the BVI Financial Services Commission will confirm if BVI’s reputational damage post-Offshore Leaks has been limited and the recovery in company incorporations continues. The British Virgin Islands – population 32 thousand – is ranked 20th on the Financial Secrecy Index.