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BVI Leader Reports Slowdown In Company Incorporations,
by Amanda Banks, Tax-News.com, London
Thursday, January 15, 2009
It would appear that the British Virgin Islands has not escaped the contagion
of the global financial and economic crisis after Premier and Minister for Finance
Ralph T. O'Neal disclosed recently that 2008 was "a year of little or no
growth in financial services."
Responding to a question in the First House of Assembly, O'Neal revealed that
company incorporations were down by 20% in 2008 compared with the record year
of 2007, when 75,000 companies registered in the jurisdiction. Nonetheless,
last year's figures are still the third-best on record, with corresponding revenue
holding up well, he said.
However, it is the captive insurance and mutual fund sectors of the BVI's financial
services industry that are being most badly affected by the global events, he
relayed to the Assembly.
"The [Financial Services] Commission has already seen evidence of this
in the increased number of requests by funds for voluntary cancellation and
by notification of suspensions of redemptions as well as a downturn in the number
of new applications for recognition," O'Neal said.
As a result, the Premier expects to see "minimal" growth in these
structures in the first half of 2009. However, he is reasonably optimistic that
the rate of company registrations will remain healthy in the year ahead.
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