articles | 07 November 2014

Company registration applications increase in October 2014

The number of applications submitted to the Department of Registrar of Companies and Official Receiver for the registration of new companies recorded an increase for the eighth consecutive month in October 2014.

According to Department data, the number of applications reached 923 in October 2014 rising from 874 in the corresponding month of 2013 and recording an increase of 5.6%.

On a monthly basis, the number of applications recorded a marginal increase in October 2014 by 0.4%, compared to the previous month. The total number of new applications for companies from the beginning of 2014 until the end of October stood at 9,140, compared to 10,927 for the whole 2013. However, the total annual number of applications is still low when compared to 18,098 in 2012 and 19,509 in 2011, prior to the Eurogroup’s decision for a deposits haircut in March 2013.

Moreover, the number of registered companies, at the end of October this year increased by 314 compared to the previous month, to 255,521, from 255,207 remaining, however, lower than the number of registered companies recorded at the end of 2013, which amounted to 272,157.

The number of companies that went bankrupt (liquidation orders) reached 126 during the first ten months of 2014.

During 2013 the number of companies that went bankrupt was 189 and there were 133 during 2012. Applications for name approval stood, by October 31 this year, at 18,849. At the end of 2013 applications had reached 24,318 and, at the end of 2012, some 36,477.

Source: InCyprus

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