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Financial Sector Shows Signs Of Recovery And Growth

In his welcome address to new Governor Premier and Minister for Finance Dr. The Hon. D. Orlando Smith mentioned that the second quarter company incorporation figures showed a growth in incorporation. The BVI Leader declared that this is great news for the industry.

Hon. Smith was referencing the statistical bulletin that was published by the Financial Services Commission with the intent to provide an analysis on the financial services activities for the second quarter of 2017.

The report, which presented the figures of the two quarters showed that there was an increase in company incorporations when compared to the same period last year.

The figures show that in the first quarter this year 8,695 company incorporations were recorded. Whereas in the second quarter 7,621 was recorded. This second quarter figure is an increase from the number recorded in the second quarter of 2016 when 6,767 company incorporations were recorded.

As he welcomed the numbers reported Hon. Smith said: “We have positive news coming from the financial services industry…recent reports indicate that company incorporations are up in the first two quarters of 2017. I hope this trend holds for the remainder of the year.”

The Minister of Finance also suggested that the increase is a result of the effective promotions that has been done. “It would be a strong indication that the community efforts to defend and promote the industry are paying off,” he stated.

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