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CYPRUS: Applications for new company registration increase in July

05 August, 2014

The number of applications for registration of new companies submitted in July 2014 jumped to the highest level of the past 16 months, according to data of the Department of Registrar of Companies and Official Receiver, reaching the levels recorded before the Eurogorup decisions on Cyprus in March 2013.

According to the data, the number of applications for registration of new company jumped in July 2014, reaching 1,138, from 908 in the corresponding month of 2013, recording an increase of 25.3%.

This is the highest level since March 2013 and the Eurogroup decisions on the impairment of deposits and the imposition of capital controls on Cyprus` banks to avoid default.

Additionally, July is the fifth month in a row which recorded an increase on applications for company registration, on an annual basis.

On a monthly basis, the number of applications in July 2014 recorded an impressive increase of 49.5%. Last month (June 2014), the number of applications was only 761.

Before the decisions of the Eurogroup in March 2013, the number of applications for registration of companies in Cyprus ranged monthly between 1200 - 1700.

Moreover, according to available data, the total requests for company registration reached 6,572 from the beginning until the end of July 2014, compared with 6,686 in the corresponding period of 2013, limiting the reduction to just 1.70%. Throughout 2013 there were 10,927 applications and 18,098 in 2012.

The number of companies that went bankrupt (liquidation orders) reached 101 in the first seven months of 2014. During 2013 the number of companies that went bankrupt was 189 and 133 during 2012.

Applications for name approval stood by July 31 this year at 13.409. At the end of 2013 applications reached 24,318.