Law firm reports boost in company registration
(CNS Business): There were 5,391 new company registrations in the Cayman Islands in the first half of 2014, a 17% increase over those incorporated in the jurisdiction in the preceding six months, a report by offshore law firm, Appleby, revealed. The Cayman Islands experienced the greatest percentage increase in new company incorporations across offshore jurisdictions in the first half of this year, according to the latest ‘On the Register’ report, which provides data on incorporations in offshore financial centres.
“During the first half of 2014, the Cayman Islands powered through the 5,000-level of new company incorporations for the first time in a six-month period since 2008,” said Richard McMillan, managing director of Appleby Trust (Cayman) Ltd. “The Cayman registry has been following a straight upward trajectory since 2011 and is closing in on the symbolic 100,000 level.”
The report found that the mix of exempted, ordinary non-resident, ordinary resident and foreign companies remains steady. The vast majority of companies that make up the register are exempted companies that carry out their activities outside of the Cayman Islands.
The report said registrations have increased in offshore jurisdictions as a whole with 46,455 new company incorporations in the first half of this year representing a 4% increase on the preceding six months.
“This year is off to an encouraging start, with levels of active companies on the offshore company registers continuing to hold steady,” said Farah Ballands, Partner and Global Head of Fiduciary & Administration Services at Appleby. “Cayman and Mauritius emerged as clear hot spots where we can see company creation activity looking very strong.”
