Appleby reports offshore incorporations up 4% in the first half of 2014

Appleby Reports Offshore Incorporation Activity for the first Half of 2014

Publication detail

Welcome to the fifth edition of On the Register, an Appleby report that provides data and insight about company incorporation activity going on in the major offshore jurisdictions around the globe, where we do the majority of our business.

This report looks primarily at data for the first six months of 2014. There are a number of key themes that emerge from the statistics outlined on these pages. In particular:

New companies joining the offshore registers

The numbers of new offshore companies being registered has increased by 4% across the jurisdictions monitored, when compared to the previous period. At the same time, onshore comparator, the UK, picked up the pace with a 16% increase on the previous period, double that of counterpart Hong Kong.

During the first six months of 2014, the Cayman Islands was the standout offshore jurisdiction as measured by % increase, powering through the 5,000-level for the first time in a six month period since 2008 and marking a 17% increase over the previous six months.

The British Virgin Islands (BVI) continues to dominate offshore new company registration activity by volume reporting 25,533 new companies, a 6% increase half-year-on-half-year, and easily maintaining its two-fold lead in number of companies formed, ahead of its nearest comparator, the Seychelles.

Total numbers of active companies on registers

The total number of active companies on the offshore registers has remained level since 2013. There has been a 5% increase between pre-recession 2008 and June 2014.

Mauritius continues to lead as the offshore jurisdiction witnessing the greatest growth in total number of companies on their local register, with a 7% increase on the figures recorded at the end of December 2013. The next biggest growth (2%) came from Cayman and Jersey.

The UK, Hong Kong and China as onshore comparators, continue to steadily increase as the global economy strengthens in the Asian and European markets and look strong from a company creation standpoint. Political tensions in Hong Kong have not slowed the incorporation of new companies in the area, with almost 96,000 being added so far this year, an 8% increase on the previous period.

By Farah Ballands Partner

To download the Report go to: http://www.applebyglobal.com/publications-landing-pages/articles-summaries-2014/on-the-register-january-june-2014.aspx