Beautiful Virgin Islands

Sunday, Jul 20, 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
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
×