The number of companies incorporated in Bermuda during the second quarter of the year rose by nine percent compared to the same period last year, according to figures released yesterday by the Bermuda Monetary Authority.

The BMA figures, which are from the beginning of April to the end of June, show the total number of local and international companies that have set up shop during the quarter rose from 330 for the second quarter in 2002 to 359 for the same period this year.

The latest figures reveal the number of exempted companies fell slightly for the quarter year on year from 232 to 228. The total number of exempted companies for the first six months of the year fell by 16.3 percent from 515 to 431.

There was some good news showing that the number of local companies set up stayed static at 54 year over year and in the six month period to the end of June 2003, the number rose slightly by three to 107.

The number of exempted partnerships grew slightly from 18 in 2002 to 19 in the third quarter of 2003. For the six months in both 2002 and 2003, this stood at 25.

Overseas partnership incorporations were up from zero in the second quarter of 2002 to two in the same period in 2003. In the past year and a half only five exempted partnerships have been incorporated.

Overseas permit companies were markedly down from 22 in the second quarter of 2002 to just nine in the same period this year, a drop of 59 percent.

But the number of unit trusts soared from one in the second quarter last year to 35 for the same period this year. For the first six months of the year, there have been 53 unit trusts formed, compared to just 15 in the same period last year.

Of the continuation companies, 11 were formed in the second quarter of 2003, while just three were set up in the same period a year earlier.

No unlimited liability companies were set up in the second quarter of 2002, while one was set up in the same quarter in 2003.

According to the BMA figures the total number of approved applications, both local and international, for the first six months of the year were down by seven percent from 702 last year to 654 this year. The BMA report also contains a list of the additions to the insurance register. In the second quarter of 2003 there were 26 new insurance companies, up on the 19 for the same period a year earlier.

Of the 26, one was a class four, the largest of the insurance groups (the Quanta Insurance group of companies). Thirteen were captives, the rest were class three, which is a catch-all category of both large and small insurance companies.

So far this year 43 insurance companies have set up shop in Bermuda, compared to 40 for the same six month period a year earlier.

The figures also showed that there were 1,279 mutual funds set up on the Island in the second quarter of the year worth a total of $88.72 billion in net asset value. This is down from the 1,409 in the same period a year ago, but this larger number was worth less ? $64.16 billion.