According to Appleby’s latest “On the Register” report, which provides insight and data on company incorporations in offshore financial centers, company formations in both London and Hong Kong are well above those recorded in 2009.
In fact, Hong Kong, as a comparator, saw a 9 percent increase in the total number of active registered companies, with the local register there breaking through the one million mark for the first time. The Mauritius and Cayman registries are also steadily returning to their pre-recession peaks, experiencing a 3 percent and 1 percent rise respectively.
Commenting on the findings Farah Ballands, partner and global head of fiduciary and administration services at Appleby said that “there are signs that 2013 will be a watershed year in terms of seeing a universal return to pre-2009 activity levels across the offshore jurisdictions.”
Moreover, Appleby considers 2012 a year of consolidation following large increases in annual new incorporations between 2009-2011. Interesting because these increases occurred around the same time that the OECD programme on transparency and tax information exchange was in full swing and there was speculation that it would lead to the ‘shutting down’ of offshore financial centres.
Unsurprisingly , not so!
Read the full report here.