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Sunday, Jan 23, 2022

Strong growth for VI Financial Services in first half of 2021

Strong growth for VI Financial Services in first half of 2021

The [British] Virgin Islands (VI) financial services sector has continued to see strong growth in the first half of 2021, with a 68% increase in company incorporations and almost a three-fold (269%) increase in the registration of limited partnerships (LPs).

Activity has grown through each quarter, with Q2 2021 seeing an increase of 93% in company incorporations on the same period in 2020 and the number of LPs rising by 288%. The results of the latest statistical bulletin from the BVI Financial Services Commission show the continued vigour of VI’s financial services industry in tandem with the wider global economic recovery, a press release from the Department of Information and Public Relations on September 24, 2021, stated.

Tens of billions in transactions


In addition, it said VI 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 VI 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, Honourable Andrew A. Fahie (R1) said the numbers paint a positive picture on the vigour of the VI’s financial services sector and a hopeful sign of a return to growth in the global economy.


'Hopeful sign of return to growth in global economy'- Premier Fahie


Premier and Minister of Finance, Honourable Andrew A. Fahie (R1), 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.

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