corporate holding companies in Bermuda, according to the general manager of the Bermuda Monetary Authority.

"Companies listed on the Hong Kong stock exchange have structured their holding companies in Bermuda,'' said Mr. Malcolm Williams.

The number of corporate holding company applications processed by the BMA jumped 60 and 22 percent in the last two years respectively, according to the BMA's latest quarterly notice.

Last year the BMA processed 305 corporate holding company application compared to 251 a year earlier.

The move from Hong Kong to Bermuda began in 1984 when trading house Jardine Matheson and its affiliates moved their holding companies to the Island. Since then many other companies have followed using the Jardines model, although unlike Jardines, few have established a physical presence on the Island.

Hong Kong authorities have endorsed Bermuda as a jurisdiction for companies seeking to set up holding companies outside the Far East, according to Mr.

Williams.

"By designating Bermuda a sanctuary it is a credit to the Island's infrastructure,'' he said.

The data will help organisations target markets, he added.

A small number of high net worth individuals associated with the holding companies are shifting their personal investment holding companies to Bermuda as well, according to Mr. Williams.

The number of personal investment holding company applications the BMA processed last year was 85, a amount similar to the previous three years.

Mr. Malcolm Williams