Local
articles | 02 February 2017 | ServPRO Accountants & Consultants

20% increase in new company registration applications in Cyprus

The number of company registration applications in Cyprus have continued to increase for the 3rd consecutive year according to data released by the Department of the Registrar of Companies and Official Receiver (D.R.C.O.R.) of the Republic of Cyprus.

According to the data, new company registration applications have seen an impressive increase of 20.4% in 2016 reaching 13,616, compared to 11,306 recorded in 2015. The number of applications reached levels of 11,253 in 2014 and 10,927 in 2013.

In December 2016, the interest for registering a new company has risen for the 16th consecutive month, recording an increase of 4% reaching 1,335 applications compared to the month of December 2015. Applications for company name approvals also increased in December 2016 reaching levels of 27,031 compared to 24,316 in 2015.

However, the levels of company registration applications are still relatively low compared to the ones before the economic crisis of 2013, where the applications were recorded at 18,000 in 2012 and 19,000 in 2011.

According to data released by the Department of the Registrar of Companies and Official Receiver, the total number of registered companies in Cyprus was recorded at 210,677 by the end of December 2016, noting an decrease of 7,5% compared to last year’s 227,840 registered companies. The decrease is mostly due to some companies (mainly inactive ) withdrawing from the Registry because of many different reasons.

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