Strong Demand For Bermudan IBCs

Bermuda has reported healthy growth in both offshore and local company registrations.

267 new IBCs were formed in the first quarter of 2014, an increase of 21 percent compared with the same period in 2013, and 31 percent more than in 2012. Across all company forms, formations were up 17 percent in the first quarter compared with the same period in 2013.

Bermuda's Minister of Finance, Everard Richards, said: "It is very encouraging to see that confidence in Bermuda – both as a business destination and as a global insurance center – is going from strength to strength. The figures show that there is growth and renewed confidence in Bermuda as a place to do business."

This announcement follows news of strong growth in the insurance industry. The Bermuda Monetary Authority reported recently that gross premiums have risen by 12 percent year-on-year.