Minister: “Tangible Sign Economy Is Improving”
[Updated] Today [July 26] Minister of Economic Development Dr. Grant Gibbons said there has been an increase in the number of newly registered Bermuda companies which he said is a “tangible sign that Bermuda’s economy is improving.”
Minister Gibbons said, “Since the beginning of the year we are seeing some very encouraging signs of a growth in company formation. We attribute this increase, in part, to a greater confidence in Bermuda as a place to do business.”
Dr. Gibbons continued, “For the first half of 2013 [January 1 - June 30] we have seen the largest total number of new companies and partnerships registering in Bermuda since 2008 when compared against the same period in prior years. In the first six months of 2013 the total number of new companies and partnerships added to the register totalled 565.
“I am also pleased to report that during these first six months, 95 of these new registrations were local companies. That is the largest number of new local company registrations for comparable periods since 2010.”
The Minister also noted that as of June 30th 2013, figures from the Registrar of Companies show that 422 exempted companies joined our register.
This is the largest number of new registrations since the first half of 2008.
This also represents a 16% increase over the number of exempted company incorporations in the first half of 2012. In addition to new registrations Minister Gibbons explained that there is also good news about the overall number of companies and partnerships on the Bermuda register.
He said, “The end of the second calendar quarter of 2013 shows 18,366 companies and partnerships on the register; 12,911 of these are exempted companies. These figures are net of companies in liquidation and those who those have left the register.
“In both categories, these numbers show the first positive year-on-year second quarter growth since 2009. The second quarter growth is also positive for local companies. The 3,344 local companies on the register as at June 30, 2013 is the largest quantity since 2009.”
“While the majority of the new exempt company registrations are investment holding companies, it is very encouraging to see that shipping companies and aviation-related companies also play a significant part in these incorporations. Providing support for these sectors was part of our Throne Speech commitment.
“It is also encouraging to see the continued registration of mutual funds, private trust companies, special purpose insurers and, of course, insurance and reinsurance companies.”
Minister Gibbons concluded, “Overall, this is extremely good news for Bermuda business, it demonstrates quantitative evidence that there is growth and renewed confidence in Bermuda as a place to do business. This is especially reassuring given the headwinds we have experienced recently in the repeated attacks on international financial centres, including Bermuda, at the G8 meeting and in the lead up to the recent G20 meeting.
“This Government will continue to work to improve the attractiveness and competitiveness of Bermuda in partnership with the Bermuda Business Development Corporation and the international business sector. We believe these efforts will translate into more jobs and renewed economic opportunity across all sectors of our Bermuda community.”
Update 11.43am: In the House of Assembly the Opposition asked how many of these companies have a physical presence here and how many are “paper companies.” Dr. Gibbons said they are trying to gather that information.
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Talk about counting chickens before they hatch. New companies come & they go in Bermuda & many local ones take out loans that they end up finding difficult to pay back because of lack of success.
565 new companies & over 2000 jobless. Who are these companies hiring? HMMMMMM!
“We believe these efforts will translate into more jobs and renewed economic opportunity across all sectors of our Bermuda community.” RIIIIGHT! Which community is that? The one imported within the last 12 years?
You need to go hook up with Cheech and chill a bit mann..
Actually he’s right as stated more companies’ means nothing if they are just reshuffling of existing companies or if they are paper companies. Until they start looking to hire support staff or (it would be nice) look to qualified locals for management it real means nothing at this point….still waiting for the real tangible proof.
LOL next….
I DONT SEE HOW THE ECONOMY IS IMPROVING IF THE COST OF LIVING IS TO HIGH FOR AN AVERAGE BERMUDIAN. THE RICH IS ONLY GETTING RICHER. I WISH GRANT WOULD LIVE IN OUR SHOES AND SEE HOW IT FEELS TO BE UNDERPAID AND OVERWORKED.
You don’t think he’s overworked….you got another thing coming bra!
Wait a minute,,, 2012, had more growth than 2010, yet the PLP where so much in a downward spiral and where turning the country into a big Pembroke dump,, interesting.. OBA can fix the world,, OBA can come up with a cure for Cancer,, after that the OBA will find a cure for HIV.. Well done OBA, you guys rock!!!!
Hilarious!
The one thing Bermudians are real good at…talking and typing a load of CRAP!
Things are slowly starting to improve in Bermuda and it will take time,old saying Rome wasn’t built in a day!
For now,you need to be thankful the plp are no longer in Government.
Either you’re a Bermudian generalizing what you’re real good at doing to other Bermudians or a foreigner making a prejudice generalization of Bermudians. Either way your fallacies are just that.
Rome may not have been built in a day but it was destroyed in a matter of hours.
“Things are slowly starting to improve in Bermuda” Have you started celebrating cup match early? Is this why you’re too impaired to recollect this weeks news of job losses?
“For now,you need to be thankful the plp are no longer in Government.” Why? Have oba proven any better than plp? Within half a year they’ve gone back on their word a few times already but you expect them to be followed blindly.
You like sayings so here’s some from me to you.
Believe none of what you hear, & only half of what you see.
Promises are like crying babies in a theater, they should be carried out at once.
An ounce of performance is worth pounds of promises.
Unless commitment is made, there are only promises & hopes… but no plans.
Hypocrisy can afford to be magnificent in its promises, for never intending to go beyond promise, it costs nothing.
Eventually Rome fell. LMAO
and more people are loosing their jobs, sad. anyway he who believes a fool is a fool. good nite
Can the OBA fix all the damage the PLP caused?
Governments cannot fix economies; they have limited control over private enterprise through policy. The financial heavy hitters can fix the economy by investing in Bermuda. We need a push from foreign investment and tourism. The answer to your question is no because the PLP didn’t cause the damage. The government doesn’t control the economy and you wouldn’t want the government to be in control of the economy that would be disastrous.
The only way government debt can be paid off is if the economy gets stimulated similar to the years between 1998-2008.
If there was a magic bullet please believe it would have already been used by both the PLP and OBA.
The PLP did cause the damage.
Well said!
f all politics de first of hack is happened hope de rest is well encrypted
de poor suffer now de rich get exposed fu …………….. all corruption soon end