British Virgin Islands
- Popular Corporate Destination

Substantial revenues are generated by the registration of offshore companies. As of 2004, over 550,000 companies were so registered. In 2000 KPMG reported in its survey of offshore jurisdictions for the United Kingdom government that over 41% of the world's offshore companies were formed in the British Virgin Islands. Since 2001, financial services in the British Virgin Islands have been regulated by the independent Financial Services Commission (www.bvifsc.vg).

Figures released by the British Virgin Islands International Finance Centre have revealed that more than 65,000 Business Companies were registered in the British Virgin Islands in 2006, representing a 12% increase on 2005’s figure and establishing a new record for annual BVI company registrations.
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.
In addition, the British Virgin Islands continues to diversify its financial services offer. BVI has registered 57 new captive insurers last year, taking the total to over 400 captives and solidifying the 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,


The BVI International Finance Centre (BVI IFC)

The 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.
www.bviifc.vg





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