Jersey — 15 August 2014 — New company registrations increased in most offshore jurisdictions in the second half of 2013, according to Appleby, one of the world’s largest providers of offshore legal, fiduciary and administration services.
In total, there were 44,615 new offshore company incorporations in the second half of 2013, and the total number of active companies rose to 671,000, according to the firm’s On the Register report, which provides insight and data on company incorporations in offshore financial centres and is focused primarily on the second half of 2013.
All three Crown Dependencies increased their incorporation activity in the second half of the year with new incorporations making up 8-9% of their local registers. The Isle of Man and Guernsey revealed the largest increases in new company incorporations across offshore jurisdictions at 10% and 9%, respectively, when compared to the previous six months.
Jersey added 2,517 new companies to the register in 2013, including 1,302 in the second six months of the year, an increase of 7% over the first six months. Jersey’s register has remained incredibly stable, hovering around 32,500 for the last three years, the report found.
“As the global economy follows a path to recovery, offshore company registration data reveals that levels of new company registrations are up in most jurisdictions during the second half of 2013, with increases of between 5% and 10%,” said Farah Ballands, Partner and Global Head of Fiduciary & Administration Services at Appleby.
Overall, the combined total of new offshore incorporations in the second half of 2013 represents a slow-down compared to the preceding six months, the report found. Appleby attributed much of the pull-back to a decline in incorporations in the British Virgin Islands (BVI) — which is the offshore jurisdiction that attracts the most company registrations.
Outside of BVI, the story of company incorporations is largely positive. The largest year-on-year increase was seen in the Seychelles (29%), followed by Bermuda (16%), which saw a recent high in new incorporations — more than 1,000 annually for the first time since 2008.
Category: Finance & Business