Bermuda Sees Record Number Of Exempt Companies

Royal Gazette

05 January 2001

This story is reproduced by kind permission of the Royal Gazette at http://www.accessbda.bm

The total number of exempted companies listed in Bermuda has reached its highest ever level with the amount of money earned in this sector up by 42 percent compared to the same quarter last year, according to Government statistics.

The Bermuda Quarterly Bulletin recorded 11,194 exempted business on the Island, up nearly 10 percent on the same quarter last year and the most ever listed since records began in 1982.

The third quarter of the year, ending September 30, 2000 saw the highest total number of exempted partnerships recorded, with 452 companies listed.

And the number of local businesses is just slightly below the record high reached last quarter. It stands at 2,542, just up by 1.8 percent compared to the same quarter last year, and down slightly compared to record levels in the second quarter of 2,584.

And those working in International business are also being paid the most of all the business sectors on the Island, recording $78.7 million for the third quarter ending September 30, 2000.

This figure is up 42.1 percent or $23.4 million from the same quarter last year, where the figure recorded was $55.376 million.

The number of new registrations in local companies has gone up by 36.8 percent on the same period last year from 38 to 52. But last quarter a record number were formed - 68.

The number of exempted companies and exempted partnerships formed during the last quarter rose by 32.5 and 41.9 percent respectively.

The number of non-resident companies formed remained flat at 13 during the quarter, and the total number was slightly up - 4.7 percent - at 615.

The number of non-resident insurance companies was down slightly from 23 to 22 for the quarter, but up from the previous three months when it stood at 18 percent.

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