In the end of May 2009, the Commission issued the thirteenth volume of Quarterly Statistical Bulletin, describing the situation in the financial services industry of the British Virgin Islands in the fourth quarter of 2008 and covering changes and progress in its different sectors.
The Registry of Corporate Affairs provided following statistical data for this period:
9,000 new companies were incorporated in the fourth quarter of 2008 – a decrease compared to 16,133 in Quarter 3 2008, and 17,513 in the fourth quarter of 2007. Cumulative amount of companies by the end of December 2008 was 414,620. In the reported period, 30 new Limited Partnerships were established – that is more than in Quarter 3 2008. Cumulative number of Limited Partnerships made 558.
If we have a look at the chart of company incorporations in the years 2005-2008, where statistical data are divided by quarters of the year, we can see that the most effective year by number of new incorporations was 2007, while this year was not so effective. This decline is certainly connected with global tendencies and the impact of financial crisis on the financial services industry of the British Virgin Islands.
Concerning the Banking & Fiduciary Services, 1 class I Trust licence was issued, bringing the cumulative number of this category of trust licences to 98 by the end of 2008. The Banking sector reported total assets of $2,363,702,000, total investments of $4,681. By commercial banks statistics, liquid assets made 46.48% of total deposits, return on assets made 2.16%, and average risk asset ratio was 27.82%.
Also, in the fourth quarter of 2008 11 new licenses were issued to investment managers and administrators, bringing the total number of licenses to 581.The number of professional mutual fund entities registered has grown to 1,894, compared to the same period of 2007. There were 831 private mutual funds and 228 public funds newly registered in the BVI.
The Insurance statistics showed that there were 11 new captive insurers licenses issued (4 in Q3 2008), 308 renewed and 68 cancelled. The reported insurance post licensing transactions: 6 directors appointments, 6 cases of shareholding change, 5 mergers and 5 liquidations. Also, 5 captive insurers and 1 domestic insurer received approvals for licensing.
In the sphere of Legal and International Co-operation, it was stated that just 12 co-operation matters were started – compared to 26 in the previous quarter; there were 12 onsite inspections held on trust companies and 4 inspections of investment businesses.
Article any source
No comments:
Post a Comment