Number Of New Companies Doubles - Bradford

  • Max Bradford
Enterprise and Commerce

The number of new companies being formed has almost doubled in the past seven years, Enterprise and Commerce Minister Max Bradford said today. Releasing the latest figures on company registrations, Mr Bradford said there had been a steady increase in the number of new companies in the 1990s, after recovery from the effects of the 1987 share-market collapse. The number of new companies registered increased from 12,330 in the year ended June 1992 to 24,083 in the year ended June 1998. Over the same period, the total number of companies registered grew from 154,526 to 202,317.

Mr Bradford said there was a small decline in incorporations during the transitional introduction of the Companies Act 1993. However, a strong increase had since followed, in part a reflection of the flexibility of the new legislation.

"The figures show that New Zealanders are getting out there and getting into business," Mr Bradford said.

"The Government is determined to encourage this further, and is continuing to create an environment that fosters innovation and the ability of our business people to compete successfully in the highly competitive international market place."

"New companies setting up are a sign of a healthy economy."