Virgin Islands trust companies incorporated about 1,300 fewer companies during the last three months of 2011 than during the same period in 2010, but incorporations for the year increased 7.8 percent over 2010, statistics show.
In 2011, 64,729 companies were incorporated, up from 59,624 in 2010, according to Q4 2011 statistics released last week by the Financial Services Commission.
The statistics mean that 2011 was the best year for incorporations since 2007, when 77,022 companies were registered in the territory.
Fund registration is on the rise as well, with 35 mutual funds incorporated during Q4 2011. Three of those funds were private and 32 were professional. A year prior, 31 funds were registered over the three-month period: 23 professional, seven private and one public.
Additionally, the FSC issued 13 new licences for investment businesses during the quarter, bring the total number of investment businesses licensed in the territory to 525.
See the May 17, 2012 edition for full coverage.
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