New company registrations on four year high

Nine hundred ninety-three new companies were registered at the Cayman Islands Company Registry in April 2012, the highest monthly figure since July 2008.

In the wake of the financial crisis, the total number of companies registered in 2009 dropped to 7,863 from 11,861 the previous year. Since then new registration figures improved slowly to 8,157 in 2010 and 9,064 in 2011.

In March 2012, the number of active companies reached a new high at 94,222, exceeding the previous maximum of 93,683 in 2008. The positive trend continues as during the first four months of 2012 new registrations were 10.9 per cent higher than during the same period of 2011.

New registrations should be good news for the budget of the Cayman Islands, which relies strongly on company registration fees. The budget will receive another boost from the newly required registration of master funds. About 1,400 master funds had been registered 10 days prior to the 21 May deadline boosting registered funds in Cayman to a new record high of significantly more than 10,000, according to the Cayman Islands Monetary Authority.

New partnership registrations are also approaching the 2008 levels after a significant fall in 2009. In April 2012, 215 new partnerships were formed in Cayman, again the highest number since July 2008. In the first four months of this year, registrations were 30.4 per cent higher than during the same period of 2011. Compared with the low of 2009 partnership registrations more than doubled from January to April with 729 new partnerships compared to 328.

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