The Registrar of Companies Department is predicted to bring in more than $65 million in revenue in the next financial year, according to Economic Development Minister Grant Gibbons.

Dr Gibbons told the House in his Budget presentation yesterday that the total number of new company registrations for the year was more than 1,200.

He also pointed to the successful bid of the registrar to hold the International Association of Insolvency Regulators Conference in September 2015 as another positive sign in the industry.

“We had seen a steady trend of local and international company registrations in 2014,” he said. “The total number of new company registrations for the year was 1,201, which is the highest number since 2008-2009 and a 3 per cent increase over the 1,169 reported in 2013.

“The increase was represented by 179 new local registrations, a 6.5 per cent increase over the 168 in 2013, and 1,022 new international companies and partnerships, a 2 per cent increase over the 1,001 in 2013.”

The budget for the Registrar of Companies for the next financial year is $2,845,000.

This represents a decrease of $326,000 or 10 per cent less than the original budget of 2014/2015.

Dr Gibbons said: “The estimated revenue [from registrations] ... is $64,780,000 and represents the majority of the total revenue anticipated for the Department.

“The balance of the revenue is derived from the Licencing and Insolvency Cost Centre.

“The department is forecasting overall revenue of just over $65 million.

“This is approximately $4,956,000, or approximately an 8 per cent increase in projected revenue over the revised revenue estimate for 2014/15.

“As the increase in company registrations has been steady, the Department has taken a conservative approach by forecasting its increase in revenues based on actual audited revenue figures available for the fiscal year ended 2013/14.”