Dr. Gibbons: “Incorporations Continue To Rise”

February 18, 2014

grant_gibbonsToday [Feb 18] the Minister of Education and Economic Development, Dr. Grant Gibbons announced that the Registrar of Companies’ full-year 2013 results revealed the “largest number of new company incorporations since 2008 and a very healthy increase over the 2012 results.”

“The good news is incorporations continue to rise and this trend was consistent throughout the year,” Dr. Gibbons said. “It’s one more sign that Bermuda is moving in the right direction after years of decline.

“In this case, the strong increase in registrations is an indicator of renewed confidence in Bermuda. We can expect that these new companies will make a very positive contribution to job creation and economic growth.

“We saw a strong upward trend of local and international company formation in 2013, in contrast to the decline from 2011 to 2012,” said Dr. Gibbons. “The total number of new company registrations for the year was 1,200, which is the highest number since 2008 and a 16% increase over the 1,035 reported in 2012.

“The increase was represented by 180 new local registrations, a 22% increase over the 147 in 2012; and 1,020 new international companies and partnerships, a 15% increase over the 888 in 2012.

“In the fourth quarter alone, 336 new companies registered in Bermuda – 41 local companies and 295 international companies. This can be compared to the fourth quarter of 2012 which saw 293 new companies register in Bermuda and of those 37 were local and 256 were international.

“At the end of Q4 2013, there were a total of 18,827 local and exempt entities on the Register – a 2% increase over the corresponding Q4 2012.”

Dr. Gibbons concluded, “Over the next few months we will continue to build upon this positive momentum through the combined efforts of the government ministries, the BMA and our partnership with the Bermuda Business Development Agency (BDA).

“Overall, this is encouraging news for Bermudians and Bermuda business, it demonstrates quantitative evidence of growth and that Bermuda is back in business.”

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Comments (61)

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  1. Kangoocar says:

    Thank you Min Gibbons for the update, 16% increase is huge!!! What a difference a year makes?? Now that confidence is returning because of the fact we have a trustworthy government that understands what it takes to get the IB sector here and keep them here, only thing that will follow now is the jobs and more much needed foreign money being pumped into the local economy!! Are the plper’s getting it yet??? A trustworthy government that has been in power for 14 months can bring us these great results as opposed to declines for the previous 4 yrs which lead to your personal situation declining!!!!

    • smh says:

      LMAO

    • mixitup says:

      LMAO!!!!!! number 2 Trustworthy Government?! *Wipes off computer screen*

      • Kangoocar says:

        The response of you two does not surprise me in the least!! in fact I would like to thank you!! If it was not for fools like you two, the rest of us would not be able to succeed when given the chance!!!

        • Bettty Trump says:

          PAPER COMPANIES ONLY>…NO REAL JOBS FOR BERMUDIANS..if not our employment rate would look like 9%… The reality is this does not translate into jobs for Bermudians. These companies are only registered in Bermuda but located elsewhere to avoid taxes…REALLY

          No great news here…PLP also register more than over 100 companies..but no jobs…wake up Kangoocar stop jumping down the hole…..

          • Bettty Trump says:

            ERROR>….EMPLOYMENT RATE WOULD BE 0% if these were REAL JOBS… PAPER COMPANIES ONLY>

          • come on stop this says:

            This is not true. I was just offered a job with a new start up and will be starting next month. They are looking to employee 20 people over the next year, 3/4 of which are Bermudian.

            Are you happy these jobs are here Betty? Or angry that the OBA made it happen?

            I dont care either way but at least be objective. I am so relieved, and I hope others take these oppertunuties. Check the papers all

            • Kangoocar says:

              @come on stop this, thank you for sharing your experience!! You have confirmed what I said, it is just unbelievable the like of betty and other plp die hards that will say anything to discredit the OBA??? I know betty realizes that companies have to first register here and yes some will stay paper companies and some will eventually become brick businesses here hiring local staff!! It all starts with the registrations but also they are all good for the economy as they all pay taxes and fees to the government with means money for us!! Also don’t forget there is legal and accounting work for even those paper companies, which means employment to those in that field, unbelievable we are still trying to educate the plper’s on this????
              Betty would be a good laugh if our situation was not as serious because of the plp and also the plp followers actually believe betty, how scary is that????

            • Bettty Trump says:

              YOu are fooling yourself, these companies are not even based in Bermuda. I think you need to do your homework. I know because the PLP also had many companies registerd on paper, but not JOBS…

    • Sandy says:

      @ Kangoocar, trustworthy my a.., where the hell have you been the last few days? From what we’ve seen lately this government is anything but trustworthy!!

      • Kangoocar says:

        So, you have made your mind up by listening to one side of the story??? I think your credibility ends right there!!!

        • ABM says:

          I think you may need to eat those words of yours. And I quote:

          Kangoocar says:
          February 17, 2014 at 7:25 pm
          Well well well!!! Sounds like we have a bunch of bitter plper’s here??? As I said on the other thread, I would record the conversation myself!! Beany was texting and texting her to get her to talk to him, oh yeah, he had no bad in tensions?? Yeah right!! When beany comes out and says what he did in the public domain with no protection of parliament, I might start to listen to him!! This is nothing short of another sad day in the life of Bermuda, and many more to come I am afraid until the likes of bean are removed from public service!!!!

          So, that being said and judging from you comments today, you are the one who has their mind made up by listening to only one side of the story.

          Funny how the WWW has a way of showing and keeping record of your previous posts.

          • Kangoocar says:

            Yup!! I now hope you are aware of the law suit launched against beany and now rum swizzle Burt??? So glad you are now eating dirt, how does it taste??? I sure do appreciate the WWW, as you now look like a fool!!! Thanks for re posting one of my posts!! I especially like how it has bitten you in the behind!!!

            • ABM says:

              Not sure how I was bitten, but whatever. Still, will you now listen at least a little to the Opposition leader given that bold statement by you that I reposted? Or, like I said before, are you just blowing smoke?

    • Portia says:

      Kangoocar, before you crow too loudly over this, remember that new registrations do not necessarily equal new jobs. Often they are just a file in some law office’s cabinet. The company I work for has had a healthy share in many of these new incorporations, yet there has been no increased hiring as a result of this.

      Rather than make some pie in the sky statement that “We can expect that these new companies will make a very positive contribution to job creation and economic growth” Dr. Gibbons should say conclusively exactly which companies will be hiring locals and in what numbers. Otherwise he is making false assumptions or giving false hopes.

      Just to put things into perspective, it is also important to remember that both BVI and Cayman have consistently dominated us for the past few years when it comes to new incorporations – by many, many thousands in fact. If you want to know the reason why, it’s because it is much cheaper to incorporate in those countries. Bermuda has become too pricy.

      • What Grinds My Gears says:

        I agree somewhat…. Yes, these companies do not create jobs; However, they do contribute to Bda’s economic growth by paying Annual Fees. More companies means an increases in Government Revenue, which can be used to help decrease the DT, and so on…..

        • ABM says:

          Curious, did you say those same words when the PLP laid claim to the same choice of words Dr Gibbons is now spouting?

      • Onion says:

        Or he’s summarising the actual state of affairs given his view of the types of companies incorporating.

      • Hmmm says:

        At the barest minimum: Legal representation, financial representation, filings, Audit and regulatory compliance need to be met. Local businesses do benefit from these incorporations.

        At a minimum they bring money into the island, they contribute to jobs and that is a positive. don’t know how any right minded person can see this as a negative.

    • Bettty Trump says:

      “Paper Companies Only…NO JOBS FOR BERMUDIANS”

      These are not REAL JOBS for Bermudians, many are merely paper companies, many do not even reside in Bermuda. They are only registered here on paper. Wake up Kangoocar and stop with the foolishness. ONe would think you would know this, jobs for Bermudians are not via paper companies. If not our unemployment rat would look like 0%. REALLY

      • campervan says:

        just because you shout your hysterical tirades it,doesn’t make them true.
        Its almost as if you don’t want positive news???
        There are THOUSANDS of Bermudians employed directly by IB and many thousands more indirectly.
        These numbers dipped alarmingly a couple of years ago and now they are rising again.
        Please, please have the good grace to accept this good piece of news and help promote the trend for the well being of all residents.

        • ABM says:

          Its called the economic bubble my friend. This happens every so many years. The bubble grows until it pops. What your forgetting to mention is the fact that those same IB companies were experiencing the worldwide economic pinch at the time, therefore that decline you are speaking would have been a direct result of that.

    • Maven says:

      Yea they lifted Bermudas skirt and let everyone take a hit and feel.. Sure good for business, not so sure about the effects it leaves the slut with. .
      IB has changed our economy from stable to worse (90′s-2k) , now we turn on each other for the money..
      IB don’t care about the average Bermudian, it’s purpose is to support itself solely. The class divide is only becoming more appearent while the money makers boast about their gains, and proudly disregard the needy. That I got mines forget you mentality.
      IB folks don’t care about you, their dinner plate stays the same. Lobsters and caviar.
      They are selling us out

      • hmmm says:

        What a warped view you have? Who did you work for? How can you ignore the millions poured into the economy through donations and by workers earning.

        I’d like to hear how you think we would fare without international business. PS..did you know that multinational businesses operating in pretty much every country in the world.

      • Girl on Fire says:

        Wow, that’s one of the most uninformed posts I have ever read (and there is serious competition for that honour).

        So I guess you missed the Jan 30th article of an $8 million Bermuda Community Foundation funded by international business? Maybe we should tell them they need to eat more lobster and caviar right because they couldn’t possibly care about us right? Or the other tens of millions of dollars it gives in scholarships and donations? Or how about the thousands of Bermudians employed in IB – are we all ‘sluts’ too?

        I’m curious. Given that IB is 90% of our economy, what is it that you think we would do without it? Because we cannot support ourselves (we’ve depleted land/water resources so we won’t be eating) and without IB, we’d have next to no foreign currency. I’ll point out that many tourists are actually business visitors, so we have even less than you think. How would we pay for such luxuries as say, food or fuel?

        I have yet to see anyone ‘boasting about their gains’ so I’m curious as to where that is coming from as well.

        Ignorance can always be corrected. Ingratitude such as displayed by this post is truly offensive.

      • campervan says:

        IB IS the average Bermudian. many IB firms are 60% plus Bermuda staffed, never mind the trickle down.
        Stop whining and don’t look a gift horse in the mouth.

  2. Coffee says:

    Brass plates or physical presence ?

  3. Triangle Drifter says:

    This is just the type of turnaround the PLP does not want to see. True many of these are only shelf companys but all of them pay taxes to be here.

    • Bettty Trump says:

      NO real turn-around here, that is the reality. Do not forget the PLP also registered more than over 100 companies. What you seem not able to get is these companies are not physically in Bermuda, they are only registered here via paper to avoid taxes in their own countries. …. FACT …I want to see real turn around, which results in jobs for Bermudians.

      • Terminator says:

        Your insistence on repeating, rather mindlessly, that there is no turnaround reminds me of the PLP’s insistent denial, going back to 2008, that Bermuda was in a recession.

  4. 32n64w says:

    Shame this article doesn’t attract hundreds of positive response while negative remarks run rampant elsewhere.

    • Kangoocar says:

      Was thinking the exact same thing??? Way to many Bermudians are not happy unless they are saying something negative about something gossipy!!! Damn fools, the bunch of them!!!!! This is exactly what we need, as it is the start of them down the road getting a job and they would rather either say nothing or the few that do say something, they are negative comments??? You really can’t fix stupid!!!!

  5. J Starling says:

    This is certainly welcome news, although it doesn’t clarify (as ‘Coffee’ notes above) whether these companies are physical companies, with new job opportunities for Bermudians, are merely ‘brass plates’ that look good on paper, and generate a little revenue for already existing companies, but doesn’t actually do anything in terms of jobs.

    I would be interested in finding out more on that – and also looking for the figures for the last two decades and seeing what the annual variation is.

    • Triangle Drifter says:

      I swear, Bermudians are like little children at Christmas. No matter how much is given to them they sit there & want more more more.

      • Suzie Quattro says:

        They’re scared to death that thing might be working well and turning around. That’s why in some circles the behavior has become more and more desperate.

      • Bettty Trump says:

        Truth Transparency killing you Kangoocar…aha

      • J Starling says:

        It’s a legitimate question, no need to get all political.

        My comment wasn’t an attack on the OBA (I clearly stated it was welcome news) – I just asked if we could get a break down so we can see how many of these incorporations will translate into jobs for Bermudians.

        • Strange but predictable says:

          Everything you say is some attack on this Government.

          It is a shame that you didn’t actively pursue transparency and the lot prior to December 2012, expecially given the number of shenanigans that were pulled on the BDA public which ultimately left us in the position we find ourselves in nowadays.

          But it is also a positive change for this Government as it appears that you are much more comfortable with practicing your right to free speech without fear of consequences. So at least you have to admit that this is an improvement brought on by this Government. If that is not the case then why weren’t you so politically active before December 2012?

          You are far from an independent thinker as you constantly claim.

          • J Starling says:

            Please do not misrepresent history.

            I was critical of the PLP when they were in power also. The only difference really is that today we have much more in the way of social media.

            My absence in criticising the PLP on non-existent social media in the past is simply because it didn’t exist for me to comment on to the degree it does now.

            • ABM says:

              You just can’t win J Starling. Blind supporters on both sides of the fence will try to bring you down if they feel you are bad mouthing their party. its a shame really because they do not like to hear truth and especially hate people who ask questions.

    • Justin says:

      How many of these Bermudians who are currently unemployed can fullfill professional jobs that these companies require? Go do your homework on that first, Mr ‘Independent’ Starling.

      • J Starling says:

        Not sure why the hate there.

        It’s a legitimate question to ask how many of these incorporations would translate into actual jobs for Bermudians.

        • campervan says:

          IB goes all out to employ locally. From scholarships to mentorship to solid % figures of locals in their headcount.
          The only thing that could have made these %’s higher is if the previous administration had got to grips with education. But no, they just played politics and musical chairs.
          A majority of performing Bermudian IB workers don’t want to be “helped” into a job position because they can do it on their own merit.

    • Coffee says:

      Since taking office the OBA hasn’t been able to increase Johnny Barnes workload .

      • Triangle Drifter says:

        Too bad half as much in performance was not expected of the PLP.

  6. Cleancut says:

    Well done OBA!

  7. Sandy Bottom says:

    Great news.

    • Bettty Trump says:

      Blindfaithfulness is killing you…really

      • come on stop this says:

        haha! this is the best comment ever made. The irony is absolutly incredible.

        • haha says:

          and it’s not even the real betty dump. must be like 5 or 6 of them now lmfao. how much u get paid?!

  8. X man says:

    For common folk who don’t understand what the 16% increase is – it is a sign of faith and trust in Bermuda and it’s
    People to do business here and conduct business from here. – and while we still face economic issues and
    are having a difficult time solving them this is a good sign that we could be bouncing back.
    Hey’ these company’s could have went to 20 other locations but chose Bermuda.

  9. North West says:

    This is just a whole lot of fluff! So where is the beef? (the jobs)

  10. Sisu says:

    http://bernews.com/2012/01/plp-oba-on-company-incorporations/

    Politics or politricks? Both parties talking out of both sides of their mouths… Just another day in paradise.

  11. JUNK YARD DOG says:

    Mr. Tourism minister.

    The Problem with Bermuda Tourism is that we/you priced ourselves out of the market, in other words to put it bluntly BERMUDA IS TO EXPENSIVE….. so fix it !

    We live in a democracy. What right do you have to pick and choose who get permits?

    Have you heard that ” A bird in the hand is worth two in the bush”. Think twice Sir with your gaming permits for birds in the bush.

    Bermuda Hotels come first for gaming permits, not a hotel chain that thinks that they may or not come here.

  12. alsys says:

    If anyone has been paying attention, there are actually a lot of jobs in the paper for start-ups lately. And quite a few of them have been entry level jobs.

    • campervan says:

      dont pop the crazy ladies bubble (BT), that doesn’t fit with her hysterical shouty agenda.

  13. JUNK YARD DOG says:

    Another thought about the Gaming Issue.

    To keep every one happy may i suggest a centrally locate purpose built structure right in the city over the top of the city hall parking lot you will get a covered car park in the bargain.

    Financing by sale of 100 shares or a bond issue package to our people.

  14. JUNK YARD DOG says:

    Another thought about the Gaming Issue.

    To keep every one happy may i suggest a centrally locate purpose built structure right in the city over the top of the city hall parking lot you will get a covered car park in the bargain. You can go up 6 floors to include shops and services lower two floors for parking.

    Financing by sale of 100 shares or a bond issue package to our people.

  15. Birdie says:

    These new companies are on PAPER and no real jobs.

  16. Sisu says:

    Re: new company incorporations (when the PLP were in power) they (the PLP) said: “But, you know who doesn’t have an interest in pushing a political agenda? Bermuda’s IB executives. And, they’ve said resoundingly that our corporate growth during 2011 is great news for Bermuda’s economy. They’ve called the news “fantastic,” “great” and note that it “bodes well for our future.” These are not PLP leaders saying this – these are non-partisan IB executives who are praising our economy.”

    And now IB execs are saying this today: ““In just over a year since it came to power the One Bermuda Alliance (OBA) Government has shown its willingness to work with the Island’s international business community. It has scrapped term limits and strengthened ties with international business.”

    The story also quoted just-released statistics which showed the Bermuda Monetary Authority’s new company registrations were up in 2013: “ … with 91 new formations, a 72 percent increase on the previous year”.”

    So PLP, stop playing politricks. Or are you no better than the opposition OBA you so gladly dragged through the mud just a year + ago?