Specialist in British Virgin Islands (BVI) Offshore Company Incorporations
Increase of BVI offshore company incorporations in the first quarter of 2018
According to data from the BVI FSC, there was almost a 13 percent increase in the total number of BVI offshore company incorporations in the first quarter of 2018, as compared to the first quarter of 2017. This is the first time there has been an increase in first quarter BVI incorporations since 2014. Maybe we have reached a positive inflection point, which we are happy to see. The first quarter of each year normally has the highest number of incorporations in the BVI.
What is the reason behind the increase in BVI incorporations? We do not know exactly, but we assume it is increased demand from clients of offshore corporate services. For various reasons, they now need more BVI company incorporations. We would have thought that it was unsatisfied demand (due to the after effects of hurricanes Irma and Maria in the BVI) from the fourth quarter of 2017, but the fourth quarter of 2017 also showed an increase in total incorporations over the fourth quarter of 2016. Therefore, the recent uptick in demand for corporate services has shown relative strength despite the destructive hurricanes of 2017, that caused business disruptions in the BVI which extended into the fourth quarter of 2017.
We hope that this demand remains strong and keeps building into the future. The BVIs corporate services sector / financial services sector has shown remarkable strength and resilience in the face of the unimaginable destruction suffered in the 2017 hurricane season.