The number of incorporations in Bermuda for the final quarter of 2004 reached the highest levels since the September 11 terrorist attacks.

The Bermuda Monetary Authority has reported that 428 new companies, partnerships and permits were issued during the three months ended December 31, 2003.

And since the BMA took over publishing the results in 2001, it is the second highest figure after the second quarter of 2001, when there were 429 incorporations.

The BMA revealed that incorporations were still high at the beginning of this year, with 416 companies incorporated in the first quarter of 2004, up on 296 for the same quarter a year earlier.

?While company incorporations remained at relatively depressed levels during 2003, the first quarter of 2004 showed numbers increasing significantly,? said the Bermuda Monetary Authority in its regulatory report for April 2004.

During 2003, the average number of applications of incorporations fell away, dropping to 296 for the first quarter of the year, rising slightly to 361 in the second quarter, and falling away again to 311 in the third quarter before rallying at 428 in the final quarter of the year.

The BMA also said that during March alone there were 178 incorporations ? more than double the 88 from the same month in 2003.

The BMA published figures for the final quarter of 2003, which showed that the largest number of incorporations were made by exempted companies, which set up 308 businesses during the final three months of 2003, up 12 percent on the same period a year earlier.

Exempted partnerships were also up, doubling from 15 for the final quarter of 2002 to 30 for the final quarter of 2003.

No overseas partnerships were registered, either in the fourth quarter of 2002 or 2003, but four overseas permit companies set up shop ? just a quarter of those set up in the final quarter of 2002.

Unit trust numbers were up, from six in the fourth quarter of 2002 to 11 in the same quarter of 2003, while 21 continuation companies were registered in the fourth quarter of 2002, rising to 23 in the same quarter of 2003.

There were three new unlimited liability companies in the final quarter of 2003, compared to just one in the year earlier period.