Figures released by the Cayman Registry show that the Island
continues to face difficult trading conditions, but there are pockets of good growth.
Company formations were down slightly from 9,064 in 2011 to
8,971 in 2012, but the total number of active companies on the register rose by
1% to 93,611 (not far off the 2008 peak), as companies were dissolved at a slow
rate than they were incorporated.
At first glance the number of funds registered increased
dramatically (17%) but this is an artificial rise caused by the new requirement
to register master funds. If these are
stripped out of the equation so that like is being compared with like, then the
picture is considerably gloomier, with the number of funds dropping by 2% to
8,950.
There was also a decline in the number of banks and trust
companies in the Island, down 3.4%.
Captive insurers remained stable increasing by 2 to 741.
Bright spots in the figures included registered private trusts,
which increased by 12 to 77, and exempted limited partnerships (often used in
fund structures), whose registered numbers grew 13% in 2012 (to almost 13,000)
following similarly strong growth in 2011 .
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