Sixty-four entries have made it through to the final cut representing the best of the areas companies, organisations or businessmen and women.
They show the sheer variety of economic activity that goes on throughout the city and surrounding area.
Judges have whittled each category down to leave the finalists and spoken of the tough task they faced in choosing each business.
But chosen they have and it contains a selection of previous winners and new entrants to the awards scheme, now in its sixth year.
The list was reduced from a total of 118 entries.
Among names new to the competition are Whiteley-based Serenity Holidays, Portsmouth-based engineering outfit Daniamant, Portsmouth recruitment company STR group and Havant-based Apollo Fire Detectors, Shedfield human resource company Handover HR, Segensworth communications provider M12 Solutions, Southsea-based Wardrobe Surgery and Chichester-based Gardner Security as well as the Love Albert Road group of businesses.
Among familiar names are dive businesses The Dive Connection and Triton Scuba, defence group BAE Systems, shipbuilder VT Shipbuilding and marine business McMurdo.
Individual entries have come from names well-known to the business world including Alastair Bell, the boss of Bell Microsystems, Tycoon star Iain Morgan, Southsea developer David Murphy, Check-a-Trade founder Kevin Byrne and Caroline Collings, chairman of the south-east Hampshire branch of the Federation of Small Businesses.
Editor of The News Mark Waldron said it was refreshing to see so many new entrants. It was proof that the region's economy was in good health and was extremely vibrant. This had made the task all the more difficult as there were so many strong entries.
He said: 'The number of entries is reflective both of the strength of the economy and of the high regard with which the competition is held.
'We had a varied selection of entries from companies big and small, in engineering, telemarketing and in high technology and IT.
'We had so many entries – and of such high quality – that the judges honestly faced a difficult and tough, but pleasurable, task when it came to choosing the winners.
'We look forward to celebrating the achievements of the short-listed businesses during our awards night.'
The event will take place on January 24, at Portsmouth Guildhall.
It is a black-tie affair. Tickets cost £45 plus VAT and are available by emailing carol.benet@ thenews.co.uk. They are limited per business.

Shortlisted entries:

Business of the Year
Daniamant Ltd
Serenity Holidays
STR Group Ltd
Apollo Fire Detectors Ltd
Wyeth Pharmaceuticals
The Workshop
Matchtech Group
Hi-Technology Group

Small Business of the Year
Sands Franchising Ltd
M12 Solutions
Handover HR
Wardrobe Surgery
Glow marketing
Triton Scuba
Emerson Chase
Gardner Security

Business Personality of the Year
Alastair Bell, of Bell Microsystems
David Murphy, of The Retail Group
Kevin Byrne, of Checkatrade
Neil and Mandy Chapman, of Boatshed.com
Caroline Collings, of the Stafford Rhodes Group
Barbara and Otto Ott, of Hair Ott
Mike Keating, of Key2 Group
Lulu Bowerman, chairman of the Emsworth Food Festival

Achiever of the Year
Graham Cull, of Steel Security Consultants
Kirsty Murray, of Market Makers
Lin Fisher, of South Coast Moneyline
Iain Morgan, of Bladez Toyz
Kerry Ellway, of Sands Franchising Ltd
Andrew West, of Creatiques
Chris Adams, of RKdia
Bob Evans, of TestIT

Innovation of the Year
Lewmar Marine
Bell Microsystems
The Wessex Dental Specialist Centre
LD Lines Portsmouth
Silent Roof Systems
Safe-T-First Ltd
Trans-Atlantic Distribution Ltd
Medaro Medical

Team of the Year
Love Albert Road
Design Image
Polymedia
Wellman Defence
LD Line Portsmouth
RKdia
BAE Systems
Segensworth Automobiles

Community Contribution of the Year
Hampshire Flag Company
Holiday Inn, Portsmouth
Asda Walmart Supercentre
BAE Systems
The Dive Connection
Hampshire Credit Union
Sunpowered Energy Systems
TJ Waste and Recycling

Exporter of the Year
Golden Moments Ltd
Hi-Technology Group
Key2 Group
McMurdo
Apollo Fire Detectors Ltd
VT Shipbuilding
Accuracy International
RTL GamesShortlisted entries: