A 1,860 contraction in active Bahamas-domiciled International Business Companies (IBCs) to 42,745 reduced fee payments to the Government by 8.8 per cent - from $20.1 million to $18.3 million - in 2010, a Central Bank of the Bahamas report has revealed.

Analysing the financial services industry's 2010 contribution to the Bahamian economy, the Central Bank said that despite the fall in active IBCs, there were indications that the activities of these entities "rebounded during" last year.

"The number of new net registrations rose by 2,388, elevating the total number of IBCs to an estimated 162,872 registrants," the report said. ...

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