The number of exempted companies given permission to carry on business in Bermuda has gone up 36 percent from 1999 to 2000.

According to statistics published by the Bermuda Monetary Authority, 1,222 companies registered in 1999, while 1,661 were registered in 2000.

And the number of local companies registered on the Island grew by 24 percent, up from 165 in 1999 to 205 in 2000.

The total number of applications approved by the BMA has risen by nearly 40 percent from 1999 to 2000, the figure rising from 1,510 to 2,093.

During the final quarter of 2000, overseas companies getting permission to carry on business in Bermuda has doubled compared to the same period last year, going from 12 to 24.

The number of exempted companies has also continued to rise during this quarter, but the growth had slowed at the year end. The figure was up 2 percent on the same period last year, rising to 378.

The quarterly notice showed also the number of exempted partnerships - partnership established in Bermuda to carry on business in or from within the Island -- leapt 56 percent, up from 16 to 25 in the final quarter of the year.

But the number of local companies incorporated during the quarter fell year on year nearly 12 percent, dropping from 43 in the final quarter of 1999 to 38 in the last quarter of 2000.

There were three overseas partners incorporated during the period, one unit trust and six continuation companies (overseas companies applying for permits to carry on business in or from within Bermuda).

Six continuation companies (companies from other jurisdictions continuing into Bermuda as exempted companies) registered, but no unlimited liabilities companies had permits approved.

In the third quarter of the year, the number of exempted companies incorporated soared by nearly 40 percent since the same period in 1999.

The number of local companies that were incorporated in the same period totaled 55 -- a jump of 25 percent on the year before.

Of the total number of businesses granted permits or licences, exempted companies was the largest sector, making up nearly 80 percent of the business.

New local companies only made up eight percent of the total.

The first statistics available from the BMA are the 1991 second quarter statistics, where the total number of applications was 181, and exempted companies at 159.

The second quarter of 2000 showed the total number of exempted companies at 492 and total of number of incorporations 620.

This equals an increase of 3.4 times the total number of incorporations in less than ten years, and three times the number of exempted companies.