The number of new Limited Partnerships in the BVI experienced an 81% annual increase in Q1 2019, according to the latest figures from the BVI Financial Services Commission (FSC).
There were 56 new Limited Partnership formations in Q1 2019 compared to 31 in Q1 2018. There has also been a 51% increase in Limited Partnerships compared to the previous quarter, up from 37 in Q4 2018. The cumulative total of active Limited Partnerships is now fast approaching 1,000 (977).
The increase comes following the new Limited Partnership Act, which was enacted in December 2017 to meet modern businesses’ commercial requirements and to reflect the flexibility and simplicity of BVI’s popular incorporation rules.
The jurisdiction also experienced an additional 7,214 new incorporations in Q1 2019: a dip on the previous quarter but bringing the total number of registered quarterly incorporations to 408,838.
Additionally, the total number of new applications to register a Trade Mark for Q1 2019 increased by 21% when compared to Q1 2018.
Elise Donovan, Chief Executive Officer (CEO) of BVI Finance, said: “The Limited Partnership Act has been a great success in providing investors with a modern, flexible and innovative approach to Limited Partnership formation. We have seen consistent growth in this area since the Act was introduced, and it is clear practitioners are being drawn to the jurisdiction by our commercial and user-friendly approach.
“Despite persistent global uncertainty, our BVI incorporations register continues to grow, alongside the scale and quality of the work being undertaken by BVI businesses. We are confident that businesses and individuals will continue to value the strategic and administrative benefits that our global financial centre offers as the year progresses.”
Statistical Bulletins for 2019 can be viewed on the BVI Financial Services Commission website.