Financial services
Financial services account for over half of the income of the territory. The majority of this revenue is generated by the licensing of offshore companies and related services. The British Virgin Islands is a significant global player in the offshore financial services industry. In 2000 KPMG reported in its survey of offshore jurisdictions for the United Kingdom government that over 45% of the world's offshore companies were formed in the British Virgin Islands. Since 2001, financial services in the British Virgin Islands have been regulated by the independent Financial Services Commission.