20/12/2011

Business activity in the British Virgin Islands (BVI) has shown a significant increase in the third quarter of 2011, particularly in terms of the number of foreign businesses incorporated in the Caribbean nation.

The number of foreign business incorporations and registrations that took place in the third quarter amounted to 17,056, up from 15,689 in the second quarter. The figures, which were published by the British Virgin Islands Financial Services Commission, also indicated the territory's long-term increase in popularity as a foreign business jurisdiction, with the third quarter figures rising from 15,946 during the same period in 2010.

While the figures are still well below the peak of foreign business incorporations prior to the global economic slump in 2008, business leaders in the territory have said that the new data represents the continuing popularity and growing reputation of the BVI's business service sector.

Three new banking or fiduciary service licenses were issued in the three months of July, August and September, with the total amount of assets under management in the sectors rising from the second quarter's US$2.48 billion to US$2.45 billion in the third quarter.

The country's international dealings also rose in the third quarter, the islands facilitating 31 formal requests for non-public information, up from the figure for the second quarter but level with the figure for the same period in 2010.