Although the number of new exempted company incorporations this year looks to be lower than last year's booming figures, the Island has reached a high in terms of the number of registered companies, while the rate of local incorporations remains steady.

This according to second quarter Government statistics, which shows the number of local companies has reached 2,681, while the number of exempted companies now stands in the region of 12,500.

The number of new incorporations for the first and second quarter, 2001 were 723 new exempted companies and 121 local companies, compared to 951 new exempt and 119 local in the same period last year.

Although third and fourth quarter results have not yet been released, it is expected that those results will show even higher numbers of incorporated businesses, especially with the wave of new reinsurers - seven new companies have registered on the Island; Arch Re, Axis Specialty, DaVinci Re, Endurance Specialty, Montpelier Re, Allied World Assurance and Goshawk Re - following the September 11 attacks on the US.

In addition, it is known that a number of other companies - both local and international - have set up here in recent months, including global manufacturer Ingersoll Rand, which is moving its incorporation from New Jersey to Bermuda.

Looking at local incorporations, in March, BF&M incorporated Barr's Bay Properties Limited, for the purpose of developing its adjoining Pitt's Bay Road property as new office space for a Bermuda-based insurer.

And in August, a new company - Pemback Limited - was set up by Somers Management and Beam Holdings in August, for the proposed development of a new hotel property on the site of the Par-La-Ville parking lot.

Also, in August, Internet Lane was incorporated by Ralph Richardson to provide internet access from its location in the Walkway, off Reid Street.

But, not all incorporations have borne fruit, as with the setting up of Culinary Concepts by William Cardwell.

At the time Mr. Cardwell indicated his intent to open a Front Street eatery on the site of his then business Dollar Savers.

But, with the closure of that business early in December, Mr. Cardwell said a restaurant was no longer on the cards.

Meanwhile, the former Tolaram's on Reid Street went through a restructuring through which owner Rajan Tolaram reincorporated the venture as "12 Reid Street", in May.

But, the new company barely saw the light of day, closing its doors within a matter of months.

This year has also seen the demise of at least one Bermuda-based international company; telecommunications company Concert, a joint venture of AT&T and British Telecom (BT).

Concert opened in 2000 to great fanfare and the promise of up to 150 jobs, including training opportunities for Bermudians.

But, the venture went belly up in October.

At the time, a spokesperson said: "We are looking at a conclusion of the assets there [in Bermuda, in the first quarter of 2002."