Figures released by the government of Bermuda have shown that the number of business incorporations on the island continued to increase during the first nine months of 2005, albeit at a slower pace than seen during the previous year.
According to the government's Bulletin of Statistics, a total of 1,001 new incorporations were registered during the first three quarters of 2005. This compares to a figure of 1,020 incorporations during the same period in 2004.
The new incorporations during 2005 mean that the total number of firms registered in Bermuda stood at 16,808 as at September 30, an increase of 413 since the end of the third quarter of 2004.
While local company registrations were up 2.2% year-on-year at the end of the third quarter 2005, exempted company formations were down by 5.3% over the year to the end of September.
However, exempted companies continued to make up the largest proportion of registered Bermudan companies, totalling 12,517 at the end of September. Meanwhile, there were 3,045 local companies, 632 exempted partnerships, 592 non-resident entities, and 20 non-resident insurance companies registered at the end of the third quarter.
Employees in the international business sector also saw their salaries rise by 12.4%, 10.9% and 2.7% in the first, second and third quarters of 2005 respectively.
