The number of exempted companies incorporated annually in Bermuda has risen by nearly 20 percent since 1996, according to statistics published yesterday by the Bermuda Monetary Authority.

And from 1998 to 1999 the figure jumped by 10 percent.

In 1999 a total of 1223 of these companies, which are exempted from the 60 percent Bermudian ownership requirement, had their applications approved by the BMA, according to the BMA quarterly notice.

In 1998 this figure stood at 1098 and in 1996 there were 1002.

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

This compares to the Q2 1999 statistics which show the total number of 400 companies incorporated and 340 exempted.

This equals an increase of 120 percent in the total number of incorporations in less than ten years, and 113 percent in exempted companies.

In the figures released, the statistics show that by the year end of 1999, 57 exempted partnerships -- which are established in Bermuda to carry on business in or from within Bermuda, were approved to do business.

Overseas partnerships, businesses which apply for permits to carry on business in or from within Bermuda, stood at three last year.

Balance of payments: 21 Exempted company incorporations go up by nearly 20 percent in four years Overseas companies -- applying for permission to carry on business in or from within Bermuda had 38 applications. Four unit trusts had their applications approved.

Companies from other jurisdictions continuing into Bermuda as exempted companies totalled 18.

Businesses with unlimited liability who applied and were approved, totalled just two.

The number of local companies that were incorporated last year totalled 166, with a drop in the fourth quarter in 1999 from the year before from 45 to 43.

The total applications approved was 1511. This compares to 1,320 in 1996, an increase of 15 percent.

From last year there was an increase in the total applications of just 3 percent from 1469 to 1511.

The bulk of the total applications approved for 1999 were for exempted companies. Out of the 451, 370 were exempted -- some 82 percent. Only 9.5 percent of the total were applications for licences by local companies.

CHART THE RISE AND RISE OF BMA APPROVALS