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Offshore Incorporation Activity Up In H1 2013

by Jason Gorringe, Lowtax.net, London
19 December, 2013

The first half of 2013 saw an increase in new offshore company registrations compared to the same period of last year, according to Appleby, a provider of offshore legal, fiduciary and administration services.

From January to June of this year there were 38,416 new incorporations, according to Appleby's On the Register report.

The local registers of most offshore jurisdictions have swelled since the end of 2012, despite a slight drop in new registrations in the offshore region as a whole compared with the previous six-month period, since the number of firms de-registering has declined.

The slight decrease in new registrations in the offshore region compared with H2 2012 was attributed by Appleby to a seasonal dip in the British Virgin Islands, which had six times as many new company registrations as the following jurisdiction in the first half of this year.

Mauritius had the biggest increase in new company incorporations in H1 2013 with a nine percent growth from H2 2012, followed by Bermuda with an eight percent rise.

Commenting on the report, Farah Ballands, Partner and Global Head of Fiduciary & Administration Services at Appleby, said: "The global economy appears to be stabilizing, and we're seeing the number of new company registrations rising in most offshore jurisdictions. It is also encouraging to note that the overall number of companies active on the offshore registers has gone up by five percent compared to pre-recession 2008."

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