The total number of BVI companies on its Register – both International Business Companies and BVI Business Companies – stood at nearly 775,000 as at December 31st 2006.

Humphry Leue, Chief Operating Officer at the BVI International Finance Centre, comments: “It’s been another record year for BVI company registrations and further evidence that the transition from the hugely popular BVI International Business Companies Act to the BVI Business Companies Act has been both seamless and effective in keeping this jurisdiction at the forefront of the international business industry.

“In addition, the British Virgin Islands continues to diversify its financial services offer. We registered 57 new captive insurers last year, taking the total to over 400 captives and solidifying our position as the third largest offshore centre for captive insurance business. The territory also gained a further 282 investment businesses in the past year, with the total for that sector approximating 2,600 active mutual and hedge funds at the start of 2007, with further growth expected this year.

“More important than the bare numbers, the feedback from our private sector and Regulator is that the quality and diversity of the business coming to the BVI is also at an all-time high, meaning that our mission to be recognised as a leading jurisdiction for the conduct of legitimate and value-added business also continues to be fulfilled.

“We look forward to breaking more records in 2007.”

The BVI International Finance Centre (BVI IFC) has played a pivotal role in the promotion and marketing of the BVI as a leading financial centre. Established in 2002 as part of the Government’s commitment to support the financial services industry, the aim of the IFC is to give a voice to the BVI’s financial sector. The IFC is committed to ensuring that the BVI retains the unique balance it has created in having a sound regulatory framework, an entrepreneurial business community and a government that is committed to developing innovative legislation

The launch of the Centre marked the final stage in the government’s plans to separate the marketing/promotional and regulatory/supervisory functions. Regulation is now the sole responsibility of the BVI Financial Services Commission, which was also established in 2002.