2014 First Quarter: 307 Companies Register
307 new companies registered in Bermuda first quarter of 2014, Minister of Education and Economic Development Dr. Grant Gibbons said today [May 9] in the House of Assembly.
“Around this time last year, I reported that we were seeing some very encouraging signs of an increase in company formation. I am very pleased to report that this trend continues. The increase in the number of new registrations in 2013 has continued into the first quarter of 2014,” Dr. Gibbons said.
“Overall, new company incorporations, both local and international, for the first quarter of 2014 were 17% higher than in the first quarter of 2013. This is on top of the fact that the 2013 results revealed the largest number of new company incorporations since 2008 and a healthy increase over the 2012 results.
“In the first calendar quarter of 2014, 307 new companies registered in Bermuda. This can be compared to the first quarter of 2013 which saw 262 new companies register in Bermuda. This, in turn, was an increase over the 251 of Q1 2012.
“The incorporation of 267 new international business companies in Q1 2014 represents a 21% increase over the 220 companies registered in the same period in 2013. That 2013 increase was, once again, an increase over the 204 registrations in the same quarter in 2012.
“The figures speak for themselves. They show quantitative evidence that there is growth and renewed confidence in Bermuda as a place to do business,” added Dr. Gibbons.
The Minister’s full statement follows below:
“Mr. Speaker, Honourable Members of this House will be aware that one of the indicators of an improving economy is positive growth in the number of new companies registered.
“Around this time last year, I reported that we were seeing some very encouraging signs of an increase in company formation. I am very pleased to report that this trend continues. The increase in the number of new registrations in 2013 has continued into the first quarter of 2014.
“Overall, new company incorporations, both local and international, for the first quarter of 2014 were 17% higher than in the first quarter of 2013. This is on top of the fact that the 2013 results revealed the largest number of new company incorporations since 2008 and a healthy increase over the 2012 results.
“Mr. Speaker, in the first calendar quarter of 2014, 307 new companies registered in Bermuda. This can be compared to the first quarter of 2013 which saw 262 new companies register in Bermuda. This, in turn, was an increase over the 251 of Q1 2012.
“The incorporation of 267 new international business companies in Q1 2014 represents a 21% increase over the 220 companies registered in the same period in 2013. That 2013 increase was, once again, an increase over the 204 registrations in the same quarter in 2012.
“Mr. Speaker, these figures clearly show strong and consistent growth. Consistency of growth is a major indicator of our ongoing efforts to keep Bermuda evolving as a world leader in insurance, reinsurance and international business.
“Mr. Speaker, Companies locate in jurisdictions with a proven and dependable track record. These new registrations are indicators that Bermuda is moving in the right direction after a number of difficult years. An increase in company registrations invariably has a positive effect on jobs and growth, which benefits all of Bermuda residents through increased spending in the local economy.
“Mr. Speaker, we continue to see an increase in the total number of companies on our register. At the end of Q1 2014, there were a total of 18,910 local and exempt entities on the Register – an increase over the corresponding 18,271 in Q1 2013 which was, again, an increase over the 17,761 on the register at the end of Q1 2012.
“Mr. Speaker, we attribute this increase to a greater confidence in Bermuda as a place to do business and we will continue to build upon this positive momentum through the combined efforts of the government ministries, the Bermuda Monetary Authority and our partnership with the Bermuda Business Development Agency [BDA].
“Mr. Speaker, the figures speak for themselves. They show quantitative evidence that there is growth and renewed confidence in Bermuda as a place to do business.”
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Great!
Now let’s see how many actually hire staff or are they basically shell companies using our laws to pay lower taxes. Nothing wrong with that, as the country still gets some taxes, but the OBA constantly touting this is ridiculous as there are virtually no jobs being created by these 307 companies. The people need JOBS!
How are you going to start with “…let’s see how many actually hire staff or etc…”, an admission that you don’t know whether they will or not, and then go to “there are virtually no jobs being created by these 307 companies”, a statement saying you DO know that they won’t.
Which is it?
307 is better than nothing.
We agree papaer companies, are a benefit to the public purse, but it is lie for the OBA, to label it as any sort of job maker, it was wrong when fromer Premier Cox said it, and she got a royal tongue lashing from all. WHY is the same not happening when it’s the OBA doing it.
First off, where did they say these were job makers? You’re accusing them of lying, but I don’t see where they did it in this story. Maybe I missed it.
Secondly, do you have any evidence that these won’t create jobs?
You seem pretty sure of this with “it is a lie for the OBA, to label it as some sort of job maker”…
Care to elaborate?
Since the 2008 crash in IB, incorporated companies has grown year over year, meaning they grew in 2009,2010, 2011,2012,2013 and now 2014, yet we have not seen an increase in jobs for none of those years. Is it time for us to stop believing in the Bermuda made recession.
Nah. It’s time to stop pushing the myth that people are saying that it’s SOLELY Bermuda made.