The number of new offshore companies registered in the first half of 2013 increased in most jurisdictions when compared to the second half of 2012, according to Appleby, one of the world's largest providers of offshore legal, fiduciary and administration services. There were 38,416 new incorporations in the first six months of this year and the overall number of active companies listed on offshore registers has stabilised, according to the firm's On the Register report, which provides insight and data on company incorporations in offshore financial centres.
The combined data for the Crown Dependencies shows that between the second half of 2012 and the first half of 2013 new company incorporation figures have grown by 5%. Although the dynamics are different, it is interesting to note that these centres, like their counterparts elsewhere in the world, also witnessed an increase in new incorporation activity during the first half of 2013, with Jersey up by 4% with 1215 incorporations, Guernsey 3% and the Isle of Man leading this growth with a 9% increase (1,167) for the period.
The total numbers of active companies listed on the Jersey and Guernsey registers at the end of the first six months of 2013 held steady, with small increases of 1% and 2% respectively as against the previous period.
“The global economy appears to be stabilising, and we're seeing the number of new company registrations rising in most offshore jurisdictions,” said Farah Ballands (pictured), Partner and Global Head of Fiduciary & Administration Services at Appleby. “It is also encouraging to note that the overall number of companies active on the offshore registers has gone up by 5% compared to pre-recession 2008.”
The report also found positive signs of recovery within the onshore economies around the globe.
“The UK and Hong Kong as onshore comparators continue to demonstrate signs of recovery, with the UK showing a particularly impressive 11% more new incorporations being registered during the first half of 2013 compared to the previous six months,” Mrs. Ballands added. “If, as we believe, the major finance centres of the UK and Hong Kong are indicators for the health of the offshore jurisdictions then, as we predicted in our previous report, 2013 is turning out to be a watershed year.”