Photo: Courtesy Banyan Tree
Everyone and everything took a hit when the market crashed in 2008, that includes the folks who set up companies in places like the Cayman Islands, the British Virgin Islands and Seychelles.So if we’re going to get a full picture of the global country, we’ve got to delve into that sometimes secretive world of off-shore incorporation.
Luckily, there are people who look into that sort of thing — Appleby Group, the world’s biggest provider of legal, fiduciary and administrative services to offshore companies. They just released a report called ‘On The Register’ about offshore company incorporation for the first half of 2012.
The big takeaway from this report is that there’s some volatility in this sector, but things are looking up. Incorporation activity for the first half of 2012 is up 9% compared to the last half of 2011 — 41,556 companies were started. Still, that’s down 4% from the first half of 2011.
A good first half of 2011 and a lackluster second half? See, offshore incorporators are just like us.
Here are few more interesting facts about where and how offshore companies are starting.
- The Cayman Islands continue to be the favoured destination for offshore companies, showing an upward trend of 13% since 2H 2011. The Caymans are rebounding from the crisis better than any place else.
- The British Virgin Islands (BVI) come in 2nd, with an upward trend of 10% since 2H 2011. Despite their number 2 growth status though, in 1H 2012, BVI had the most incorporations, 33,065.
- The Seychelles, off the coast of Africa, is the upstart of the group, having seen a growth in activity of 20% since 2010.
- The projected figures for the UK are 200,000 new companies by the end of this year.
Now doesn’t that make you feel better about the global economy?
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