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The number of new licences issued to international business and financial entities between January and September 2004 amounted to 264, some 27 more than in the corresponding period of 2003. Of the new licensees, 209 were International Business Companies (IBCs), up from 203 in the previous year, while 41 were Societies with Restricted Liability (SRLs), which was double the average level of approvals for the previous three years. In addition, eleven Exempt Insurance Companies, one Exempt Insurance Management Company and two offshore banks were licensed during the period.