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Strong growth for VI Financial Services in first half of 2021

- Incorporations up by 68% in H1 2021 v H1 2020; Limited Partnerships increase by 269%; VI firms act on tens of billions of $$ in transactions
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). Photo: VINO/File
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. Photo: GIS/File
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. Photo: GIS/File
ROAD TOWN, Tortola, VI- 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.

'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.

14 Responses to “Strong growth for VI Financial Services in first half of 2021”

  • from now onwards (26/09/2021, 11:39) Like (10) Dislike (7) Reply
    We have to verify every word
  • We the people of the demand visual evidence of our financial situation. (26/09/2021, 12:06) Like (10) Dislike (4) Reply
    Don't just tell us., Hon. Premier Andrew Fahie, Give us the evidencial proof so that we can be sure that this is not another political ploy. Remember you said many times that our economy is cash strapped. How all of a sudden this great economy spiked surfaced?
    We need verification, not just talking. In other words, economic verification, rather than political talking.
    • DEDE (26/09/2021, 18:28) Like (15) Dislike (2) Reply
      We cash strap for everything beneficial to the territory such as repairs to schools, healthcare and infrastructures. We not cash strap for funds to give imaginary farmers and fisherfolk along with petty contracts to supporters(themselves disguised ).
  • NoO, no, no, not so fast. Our present economic standing is not as rosy as you said. (26/09/2021, 12:39) Like (12) Dislike (0) Reply
    If it is, why are so many people out of a job? And why are so many that have a job receiving such a small pay check from government for services performed, excluding lazy civil servants? And when was the B.V.I High School teachers offered only a mere $300.00 each to buy or perchase schools supplies. Purchase means that they can collect the supplies and pay later.
    Proof is needed going forward, especially in hard economic hard times like these for most natives, belongers, and all who are living among us. In other words, we cannot afford to accept your words without proven evidences any longer. The CoI is here and the probing continues to the it conclusion.
  • what (26/09/2021, 12:41) Like (4) Dislike (0) Reply
    What the hell is H1 2021? I thought it was more written Q1 2021 …
    • lol (26/09/2021, 17:53) Like (2) Dislike (3) Reply
      Q for quarter H for half, friend
      • @LOL (26/09/2021, 19:50) Like (1) Dislike (1) Reply
        It should be 2Q or 2Q YTD (year to date).
        I've worked all over the world in multi national corporations & have never, never, never heard of H1...... is it a BVI thing?!
        • @wHAT (27/09/2021, 08:20) Like (1) Dislike (0) Reply
          No my friend. Many firms use H1 and H2. I've worked all over the world too and a lot do.
  • local boy (26/09/2021, 12:46) Like (11) Dislike (47) Reply
    Financial services in the VI is not trickled down to the common on the road. Its just a sifter for the rich and famous which none lives in the VI. Not really a true economy for us.
  • WOW (26/09/2021, 16:39) Like (1) Dislike (4) Reply
    1.5 trillion in assets held in BVI companies and we have people eating out of the dumpsters. The love of money is the root of all evil. The sacrifice of so many poor people in the pandemic is just another money making scheme for the super rich. Most people will never recognize this but they deserve to live like any other man. The truth is the average poor works much harder than the average super rich. Slavery is alive and well.
  • Well (27/09/2021, 07:36) Like (0) Dislike (0) Reply
    Those GOOD FELL- ARS got so much tricks and GIMMICKS up their sleeves , that they can wrire a book and still got words to spare
  • Hmm (27/09/2021, 08:43) Like (1) Dislike (0) Reply
    a lot of uneducated opinions. This is what’s funding government, public schools, road side clean up ect without the tourist travel tax money or our money.

    With a little marketing it can be used to attract the type of foreign tourist from diverse locations that will stay and are capable of spending.

    When you come off a cruise there’s all you can eat back on the ship already paid for no point spending on anything except a tour & drinks.
  • @ Hmm (28/09/2021, 12:37) Like (0) Dislike (0) Reply
    People like you are the most dangerous. Twice dead.


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