The number of new company incorporations has risen once again to 384 in the fourth quarter of 2002, after falling off during the rest of the year.

Year on year, however, the figure is down seven percent from 415 in the fourth quarter of 2001 - a year which was inflated due to the high number of incorporations following the September 11, 2001 terrorist attacks.

Figures had been falling off during 2002, to 372 in the first quarter of 2002, 330 in the second quarter and 339 in the third quarter. But there was good news for local company incorporations with 51 during the quarter. That was one more than the same quarter last year and 12 more than the previous quarter.

The largest number of incorporations was in exempted companies, which was recorded at 274 for the fourth quarter of 2002, down 39 or 12 percent from the same period last year. There were 15 exempted partnerships and 26 in the same period the year before.

There were 16 overseas permit companies compared to 20 in the final quarter of 2001. Six unit trusts were formed, 21 continuation companies and one unlimited liability companies during the quarter.