The Isle of Man's Financial Supervision Commission has recorded a modest increase in the number of companies registered in the island, arresting a downtrend witnessed in the last few years.
For the year ending March 31, 2003, the FSC noted in its annual report that the number of registered firms stood at 36,126, with 2,805 new incorporations within this figure. And this despite the disappearance of 5,000 companies, according to the report. In the opinion of the FCS's chief executive, John Aspden, the figures support "the view that the fall in new companies being incorporated has peaked." He also said the numbers do not take into account the large qantity of foreign incorporated companies that are administered on the island, the Isle of Man Online reported.
The FSC's report also gave a breakdown of total bank deposits, both corporate and individual, by source. It shows that the Isle of Man made up one quarter of the deposits, with the UK providing a further 26%. EU countries accounted for 9% whilst the North America provided 5% and the Middle/Far East 22%.
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