The British Virgin Islands’ (BVI’s) financial services sector has continued to see strong growth in the first half of 2021, with a 68 percent increase in company incorporations and almost a three-fold (269%) increase in the registration of limited partnerships (LPs).
This is according to a media release from the Premier’s Office which said that activity has grown through each quarter, with the second quarter of 2021 seeing an increase of 93 percent in company incorporations on the same period in 2020 and the number of LPs rising by 288 percent.
The Premier Office also said the results of the latest statistical bulletin from the BVI Financial Services Commission show the continued vigour of BVI’s financial services industry in tandem with the wider global economic recovery.
In addition, it said that BVI firms have worked on publicly announced transactions involving tens of billions of dollars of global transactions in the first six months of the year, from initial Public Offerings (IPOs) to complex acquisitions. This builds on the strength and resilience demonstrated by the BVI in 2020, which saw BVI firms similarly act on tens of billions of global transactions throughout the year.
These examples showcase the $1.5 trillion of assets held in BVI companies used for cross-border investment in a wide variety of physical, corporate and financial assets. Global cross-border investments using BVI companies provide the underlying finance that enables real world economic investment in homes, factories, hospitals, railways, broadband, machinery, entrepreneurs – and more.
Premier and Minister of Finance, the Andrew Fahie, commented, “These numbers paint a positive picture on the vigour of the BVI’s financial services sector and a hopeful sign of a return to growth in the global economy. We know that BVI companies play a key role in facilitating global investment and it is reassuring to see this increase in the first half of the year as the BVI grows from strength to strength.”
“These results are also testament to the hard work and excellence of the BVI’s financial services’ sector and continues to showcase the BVI’s reputation as one of the world’s preeminent international finance centres,” Premier Fahie added.