The rise in company incorporation numbers show that Bermuda is “moving in the right direction after a number of difficult years,” Minister of Education and Economic Development, Dr Grant Gibbons told the House of Assembly on Friday.

He said: “Honourable Members of this House will be aware that one of the indicators of an improving economy is positive growth in the number of new companies registered.

“Around this time last year, I reported that we were seeing some very encouraging signs of an increase in company formation. I am very pleased to report that this trend continues. The increase in the number of new registrations in 2013 has continued into the first quarter of 2014.

“Overall, new company incorporations, both local and international, for the first quarter of 2014 were 17 percent higher than in the first quarter of 2013. This is on top of the fact that the 2013 results revealed the largest number of new company incorporations since 2008 and a healthy increase over the 2012 results.”

He told MPs that in the first calendar quarter of 2014, 307 new companies registered in Bermuda. “This can be compared to the first quarter of 2013 which saw 262 new companies register in Bermuda. This, in turn, was an increase over the 251 of Q1 2012. “The incorporation of 267 new international business companies in Q1 2014 represents a 21 percent increase over the 220 companies registered in the same period in 2013. That 2013 increase was, once again, an increase over the 204 registrations in the same quarter in 2012.” He said the figures “clearly show strong and consistent growth. Consistency of growth is a major indicator of our ongoing efforts to keep Bermuda evolving as a world leader in insurance, reinsurance and international business.”

Dr Gibbons told MPs that companies locate in jurisdictions with a proven and dependable track record. He said: “These new registrations are indicators that Bermuda is moving in the right direction after a number of difficult years. An increase in company registrations invariably has a positive effect on jobs and growth, which benefits all of Bermuda residents through increased spending in the local economy.”

Dr Gibbons said the trend is a continuing one. “At the end of Q1 2014, there were a total of 18,910 local and exempt entities on the Register — an increase over the corresponding 18,271 in Q1 2013 which was, again, an increase over the 17,761 on the register at the end of Q1 2012.

“We attribute this increase to a greater confidence in Bermuda as a place to do business and we will continue to build upon this positive momentum through the combined efforts of the government ministries, the Bermuda Monetary Authority and our partnership with the Bermuda Business Development Agency.

The Minister concluded: “The figures speak for themselves. They show quantitative evidence that there is growth and renewed confidence in Bermuda as a place to do business.”