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Clear indications of a 1997 boom in international business is coming from the Bermuda Monetary Authority (BMA) which has approved more than a quarter more international company applications in the first six months of this year, than for the same period last year.

The Authority has approved 644 new international firms for the Island in the six months to the end of June -- 135 or 26.5 percent more than the 509 approved by the same time last year.

BMA general manager, Malcolm Williams, pointed to the Authority's just released quarterly notice, for the first three months of the year, as evidence of steady growth.

He said, "Company incorporations show a very encouraging increase. There is a tremendous increase in exempt companies (1996 Q1: 196, 1997 Q1: 276). And there were not many physical presence companies, if any.

"The increase in international business is providing added value to the country, in that it creates fees and employment and other things.'' And with regard to collective investment schemes, he said, "Bermuda is one of the main offshore jurisdictions for mutual fund business, in terms of incorporation, but increasingly in terms of administration. The Island is becoming renown for their ability to administer collective investment schemes, whether they are incorporated here or not.'' A total of 746 mutual funds were incorporated here during the quarter under review, 21 more than quarter four of 1996 and nearly 30 percent or 168 more than for the same period a year before.

In fact, 884 collective investment schemes with a total net asset value of $19.06 billion were registered in Bermuda in the first quarter. That's almost 200 more schemes worth an additional $5.37 billion than in the first quarter of 1996.

Meanwhile, Bermuda's balance of payments deficit on current account for the 1997 first quarter was estimated at $10 million, an improvement on the $22 million deficit recorded for the 1996 first quarter. The first quarter has historically shown a temporary deficit, before significant receipts are collected during the remainder of the year from increased tourism activity.

The latest balance of payment figures show the first quarter's imports jumped 13 percent higher to $16 million primarily as a result of an increased demand for construction materials.

Investment income payments to non-residents fell by $3 million or 10 percent, as Bermuda-based subsidiaries of international companies reduced dividend payments to parent organisations.

Investment income receipts increased by $5 million or 24 percent, principally because of higher earnings generated by the overseas holdings of pension funds.

Receipts in the professional, managerial and technical services category rose by $20 million or 14 percent, also reflecting the continuing growth of the international business sector.