Appleby On Bermuda Company Incorporations
More than 1,000 new companies incorporated in Bermuda in 2013, marking the highest annual total since pre-recession 2008, and “signalling the beginning of a recovery in the number of active companies listed on the jurisdiction’s register,” according to Appleby.
A spokesperson said, “In the second half of 2013, 576 new companies registered in Bermuda – 7 percent more than in the first half of 2013 and 16 percent more than the same period in 2012. This was among the findings of Appleby’s biannual On the Register report, which provides insight and data on company incorporations in offshore financial centres.”
“Looking at the full year, Bermuda experienced one of the largest year-on-year increases at 16 percent, and early indications are that it will again exceed 1,000 new incorporations in 2014,” said Rory Gorman, Managing Director of Appleby Services [Bermuda] Ltd.
“While the jurisdiction has yet to return to its pre-recession peak, the data reveal that new registration activity has definitely started to pick back up.”
“At the end of 2013, the total number of active companies on the Bermuda register was 17,351. This 3 percent increase on the number recorded at the end of December 2012 puts Bermuda among the top offshore jurisdictions for speed of growth on its local register.
“Of the 576 new company registrations recorded for the period, 479 were exempt companies, along with 12 overseas companies and 85 local companies. Exempt companies are entities which transact business with non-Bermudian persons or with other exempt companies.
“Looking at offshore jurisdictions as a whole, the Appleby report revealed new company registrations increased in most jurisdictions in the second half of 2013. In total there were 44,615 offshore company incorporations in the second half of 2013, and the total number of active companies rose to 671,000.
“As the global economy follows a path to recovery, offshore company registration data reveals that levels of new company registrations are up in most jurisdictions during the second half of 2013, with increases of between 5 percent and 10 percent,” said Farah Ballands, Partner and Global Head of Fiduciary & Administration Services at Appleby.
“On the Register also analysed Inward Foreign Direct Investment [FDI] stock as an alternative means of corroborating the economic trends for the jurisdictions in which Appleby operates on a daily basis.
“Where figures are available, FDI stock in the offshore jurisdictions increased across the board by at least 7 percent, with the largest increase being witnessed in Bermuda where stock has grown from USD1,917m to USD2,664m between 2012 and 2013, a 39 percent growth percentage that even outperforms the USA.”
Slowy but surely we are getting there…
Hope selfish people don’t derail inevitable progress due to their insatiable desire/need for power at all costs.
Very good news from a taxes and revenue standpoint for government, but how many of these incorporations are really producing jobs for Bermudians. That is what is desperately needed. otherwise this is only money for government coffers, but not doing much for the average Bermudian.
The average Bermudian is doing nothing for themselves.
You are right that they aren’t producing a lot of jobs, but they are creating a few, and generating revenue, so it’s still a good thing.
It’s kind of like cruise ship pasengers; not as good as hotel visitors, but that doesn’t make them a bad thing…