Jo-Maré Duddy – A total of 12 013 new business entities were registered last year, most of them closed corporations.
According to the Business and Intellectual Property Authority (Bipa), 8 671 CCs were registered in 2020, as well as 852 companies. There rest were Section 21 companies (non-profit) and defensive names, as well as four foreign companies.
Bipa said in a statement these registrations were “notwithstanding the challenges posed by Covid-related restrictions in 2020”.
“Despite a drastic slump in registrations during the period April-May 2020 due to the countrywide Covid lockdown, the second half of the year saw a sharp increase in the registration of close corporations,” the authority said.