Statistics published by the Bermuda government have revealed that more than 300 new firms incorporated in the jurisdiction during the third quarter of 2003, although the total number of companies on the register suffered a year-on-year decline.
According to the latest data released in the government’s Quarterly Bulletin of Statistics, the third quarter saw 332 incorporations, taking the total number on the register to 16,328. However, this was 113 fewer firms than were registered twelve months earlier, the Royal Gazette reported.
Nevertheless, the third quarter figures represent something of a reversal on the numbers for the first half of 2004, which saw registrations down by 343 year-on-year.
By type, there are now 2,918 local companies, 12,301 exempted companies, 551 exempted partnerships, 539 non-resident entities and 19 non-resident insurance firms registered in Bermuda.
Citing government figures, the Royal Gazette revealed that the largest year-on-year increase was in exempted companies registrations, which rose by 176, while local incorporations jumped by 100 and non-resident firms declined by 107.
The third quarter statistics did not include data on pay levels in Bermuda, although the second quarter figures revealed that pay rates recorded a year-on-year increase.
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