* Bermuda Sees 25% Rise In Incorporations In First Quarter
Figures released by the Bermuda Monetary Authority on Tuesday have revealed a 25% increase in the number of firms incorporating in the jurisdiction in the first quarter of 2004. According to the data, the total number of approved application reached 396 in the first three months of the year, an increase of 100 compared to the first quarter of 2003.
A significant number of these new incorporations were by exempted companies (firms exempt from the 60% Bermudian ownership rule required of local firms). Some 254 of these companies were registered in the first quarter of 2004, fifty more than in the corresponding period in 2003.
There was also a rise in the number of exempted partnerships in Q1, with 25 incorporations compared to six in the same period of 2003.
The number of unit trusts registered also saw a year on year increase from 18 in 2003 to 21 in 2004.
