Beautiful Virgin Islands

Thursday, Sep 18, 2025

FSC Q3 2020

Slight Q3 spike in incorporations offers hope

New company incorporations climbed by 32 percent to reach 6,254 in the third quarter of 2020 after three straight quarters of falling numbers, as the financial services industry proved a bright spot in an economy struggling to deal with fallout from the Covid-19 pandemic.

However, despite the slight spike, the quarter was still the worst Q3 since 2003 when quarterly reporting began, suggesting that the industry can expect little respite from the overall downward slide of new incorporations, which in 2019 hit a 20-year annual low of 26,150.

New incorporations in Q3 2020 also fell by 10.34 percent when compared the same quarter in 2019, when they reached 6,975.

That still keeps 2020 incorporations on track for their worst year ever, with just over 16,000 companies incorporated in the first three quarters — approximately 4,000 less than were incorporated during the same period in 2019.

Other numbers


There was, however, some positive news on other fronts, with the total number of limited partnerships, which were established under legislation passed in 2017 as a simpler and more flexible alternative to the territory’s traditional company offerings, cracking the 1,000 mark for the first time in Q3.

Fifty-five new LPs were registered in Q3, representing a 14.58 percent increase over the same quarter in 2019, which saw 48, and a 48.65 percent increase over Q2, which saw 37.

Trademarks, however, lagged compared to 2019. With 66 applications to file a trademark, there were eight more than the previous quarter, but nine fewer than the same quarter the previous year.

That puts the number for the first three quarters at 218, which would be on track to match 2018 total, though not nearly enough to match the 2019 high of 314.

Total number


As of Q3, the total number of active registered companies stood at 380,449, representing a slight increase of 4,607 over the previous quarter’s totals.

However, total active companies are also on an overall downward trend. In 2019 the total number of active companies hit at least a 13-year low, falling to 387,344 after peaking at 481,002 in 2011.

And government revenue from the sector is projected to fall to a decade low of $168.9 million for 2020 despite a steep fee hike three years ago that boosted 2018 revenue to an all-time high of nearly $232 million.

If projections hold true when the final numbers are tallied, fees from financial services will contribute less than 50 percent of government revenue in 2020 for the first time since before 2007.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
US Tech Giants Pledge Billions to UK AI Infrastructure Following Starmer's Call
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
DeepMind and OpenAI Achieve Gold at ‘Coding Olympics’ in AI Milestone
SEC Allows Public Companies to Block Investors from Class-Action Lawsuits
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Federal Reserve Cuts Rates by Quarter Point and Signals More to Come
Effective and Impressive Generation Z Protest: Images from the Riots in Nepal
European manufacturers against ban on polluting cars: "The industry may collapse"
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Trump: Cancel quarterly company reports and settle for reporting once every six months
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
US Launches New Pilot Program to Accelerate eVTOL Air Taxi Deployment
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Hong Kong Industry Group Calls for HK$20 Billion Support Fund to Ease Property Market Stress
Joe Biden’s Post-Presidency Speaking Fees Face Weak Demand amid Corporate Reluctance
Charlie Kirk's murder will break the left's hateful cancel tactics
Kash Patel erupts at ‘buffoon’ Sen. Adam Schiff over Russiagate: ‘You are the biggest fraud’
Homeland Security says Emmy speech ‘fanning the flames of hatred’ after Einbinder’s ‘F— ICE’ remark
Charlie Kirk’s Alleged Assassin Tyler Robinson Faces Death Penalty as Charges Formally Announced
Actor, director, environmentalist Robert Redford dies at 89
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
JD Vance Says There Is “No Unity” with Those Who Celebrate Charlie Kirk’s Killing, and he is right!
Trump sues the 'New York Times' for an astronomical sum of 15 billion dollars
Florida Hospital Welcomes Its Largest-Ever Baby: Annan, Nearly Fourteen Pounds at Birth
U.S. and Britain Poised to Finalize Over $10 Billion in High-Tech, Nuclear and Defense Deals During Trump State Visit
China Finds Nvidia Violated Antitrust Laws in Mellanox Deal, Deepens Trade Tensions with US
US Air Force Begins Modifications on Qatar-Donated Jet Amid Plans to Use It as Air Force One
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
Elon Musk Retakes Lead as World’s Richest After Brief Ellison Surge
U.S. and China Agree on Framework to Shift TikTok to American Ownership
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
×