“I am delighted to report that we currently have a higher total number of companies registered in Bermuda than we have ever had before,” said Minister of Economic Development, Dr. the Hon. Grant Gibbons JP MP. “The third quarter statistics reveal that we now have 19,270 companies registered in Bermuda.”
This peak comes after a relatively consistent decline in total companies over the last five years. The closest Bermuda has come to this in the past was in 2008, when there were 19,260 companies registered in Bermuda. The total number of companies registered in Bermuda has been slowly increasing throughout the first three quarters of 2013 (18,721 in the first quarter; 19,130 in the second and now 19,270 in the third).
“This healthy increase in the total number of companies is being driven by new company registration. This is an early indicator of renewed confidence and new investment in Bermuda. Many of these new companies will lead to job creation, particularly the local companies and those international companies that are developing a physical presence on the island. It demonstrates a growing sense that people are prepared to start up new ventures and reinvest in Bermuda.”
There was also an increase in the registrations of investment fund companies, positively reflecting on the newly reenergised investment fund legislative and regulatory environment.
Gibbons concluded, “Overall, this is extremely good news for Bermudians and Bermuda business, it demonstrates quantitative evidence that there is growth and renewed confidence in Bermuda as a place to do business.”
Source: Bermuda Sun