‘Optimistic Picture For Company Incorporations’
Bermuda built on a strong second half in 2013 by adding an almost identical number of new companies to its register in the first half of this year, according to Appleby.
The company said, “In the first half of 2014, 572 new companies were registered in Bermuda, according to the firm’s latest On the Register report, which provides insight and data on company incorporations in offshore financial centres. New incorporation numbers in the jurisdiction for the first half of the year are in line with the 576 recorded in the second half of 2013, and up 6% over the same period last year.”
“The register size, which comes in at 17,229, is down slightly from December 2013 but above the low-water mark that it hit in 2012, when the registry dipped below 17,000.
“Of the 572 new company registrations recorded for the period, 468 were exempted companies, along with 23 overseas companies and 81 local companies. Exempted companies are entities which transact business with non-Bermudian persons or with other exempted companies.
“Looking at offshore jurisdictions as a whole, the Appleby report reveals that new company registrations increased overall in the first half of 2014. There were a total 46,455 new offshore company incorporations across the major offshore jurisdictions in the first half of 2014, representing a 4% increase on the preceding six months.”
“The impressive number of new company incorporations recorded in the second half of 2013 has been matched by activity levels for the first half of 2014, painting an optimistic picture for company incorporations in Bermuda in 2014 overall,” said Rory Gorman, Managing Director of Appleby Services [Bermuda] Ltd. “If the second half of the year matches the first, we could see a recent high being set.”
