Figures released by the Bermuda Monetary Authority on Wednesday have revealed a small rise in the number of companies incorporated in the jurisdiction in the second quarter of 2003 compared to the same time in 2002, reports the Royal Gazette.
According to the BMA, the total number of firms, both local and international, that incorporated between April and July this year was 359, compared to 330 in the second quarter last year.
The report also recorded a small rise in the number of insurance firms arriving in Bermuda with 26 new companies on the register in the second quarter 2003, up slightly form the 19 that registered in the corresponding period last year.
Meanwhile, the BMA noted a healthy expansion in the unit trust sector which saw an increase of 35 in Q2 of 2003 compared to just one in the same period of 2002. Furthermore 53 unit trusts were created on the island in the first half of 2003 against 15 in the first six months of 2002.
The total number of mutual funds however has declined from 1,409 last year to 1,279 in 2003, though the asset value of these has increased from $64.16 billion in 2002 to $88.72 billion this year.
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