The number of active companies on the Cayman Islands company register has exceeded 100,000 for the first time, and there are now more than 19,000 active partnerships in the territory, reports Tax News.
At the end of the second quarter, 101,430 companies were listed as active, three per cent more than a year earlier and 2.6 per cent more than at the end of 2015, according to figures from the territory’s company registry, the Cayman Islands General Registry.
New partnerships registered in the Cayman Islands increased by one per cent in the 12 months to June compared to the same period last year. A total of 3,334 new partnerships were incorporated during the past year, continuing the trend of uninterrupted annual growth since 2009/10.
As of July 1, 2016, 923 new partnership were registered, significantly exceeding the 588 partnership terminations. The net result is that there are now more than 19,000 active partnerships registered in the Cayman Islands.
The newly introduced limited liability company form attracted 21 registrations in the first month, while the number of trusts on the register dropped by one percent to 1,784 in the first two quarters of this year. This continues a trend of small declines since 2014, said Cayman Finance, the island’s financial services promotional agency.
Jude Scott of Cayman Finance commented: “It’s always great to see growth in Cayman’s financial services industry and this is a significant milestone of which we should all be proud. Milestones such as this are further evidence of the global financial services industry’s recognition of Cayman’s transparency and robust regulatory regime.”
News Source : IFC review