Many new companies found a home in Bermuda in 2013.

A report by Appleby shows in the first half of 2013, 538 new companies were registered in Bermuda. This is eight per cent (40) more than the second half of 2012 and 16 per cent  more than the same period in 2012.

Of the 538 new company registrations, 422 were exempted companies, 21 overseas companies and 95 local companies. Appleby said: “Interestingly, the number of local companies registering has grown by 44 per cent in the six month period, when compared to the second half of 2012. 

The company said the positive growth in Bermuda is partly explained by improving business sentiment in the US market which, coupled with the Bermuda Government’s proactive campaign to target international business, is driving much of the influx of new business to the jurisdiction. A prime mover for the new incorporations is from the aircraft leasing niche — a Bermuda vehicle is required for each aircraft registration and commercial aircraft registrations remain strong.

Considerable success

The report states: “Bermuda also benefits disproportionately to other jurisdictions as the insurance sector outlook improves, and is viewed as a key location from which to issue and list insurance-linked securities (ILS) such as catastrophe bonds, with considerable success. 

The ILS market, which has grown significantly over the last few years to -about $30bn in assets, is attracting more interest due to its excellent returns for several years and its lack of correlation to mainstream investments, and is expected to continue to grow strongly.”

Across offshore jurisdictions, there were 38,416 new offshore incorporations in the first six months of this year.