The number of exempted companies incorporated in the third quarter in Bermuda has soared by nearly 40 percent since the same period in 1999, according to statistics published yesterday by the Bermuda Monetary Authority.

And the number of local companies that were incorporated in the same period totalled 55 -- a jump of 25 percent on the year before.

In total 1,617 companies were incorporated in the first three quarters of 2000, ending September 30. This compares to the 1999 total of 1223, and is already a 32 percent rise on the whole of 1999.

All the companies, except the 50 local companies, are exempted from the 60 percent Bermudian ownership requirement. In the new figures released, the statistics show that by the end of the third quarter the total number of applications approved was 505.

This includes 392 exempted companies and 35 exempted partnerships -- which are established in Bermuda to carry on business in or from within Bermuda.

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

Overseas companies -- applying for permission to carry on business in or from within Bermuda had 13 applications. Two unit trusts had their applications approved. Companies from other jurisdictions continuing into Bermuda as exempted companies totalled 12. No businesses with unlimited liability were approved.

The bulk of the total applications approved for the quarter were for exempted companies. Out of the 505, 392 were exempted -- some 77.6 percent.

Nearly 10 percent of the total were applications for licences by local companies.

The first statistics available from the BMA are the 1991 second quarter statistics, where the total number of applications was 181, and exempted companies at 159. The second quarter of 2000 showed the total number of exempted companies at 429 and total of number of incorporations 618.

This equals an increase of 3.4 times the total number of incorporations in less than ten years, and 2.6 times the number of exempted companies.

BUSINESS BUC