CYPRUS: Company registration applications increase in September

According to data of the Department, the number of applications for registration of a new company, reached 919 in September 2014 from 798 in the corresponding month of 2013, recording an increase of 15%. On a monthly basis, the number of applications ​​increased in September 2014 by 27% or 196 applications, compared to the previous month.

The total of new applications for companies from the beginning of 2014 until the end of September stood at 8,217, compared to 10,927 for the whole 2013. However, the total annual number of applications is still low, compared with 18,098 in 2012 and 19,509 in 2011, prior to the Eurogroup's decision for a deposits haircut in March 2013.

Moreover, all the registered companies, dropped at the end of September 2014 to 255,207, from 272,157 at the end of 2013 and to 269,345 at the end of 2012. The new company registrations amounted to 7,930 in the first nine months of 2014.

The number of companies that went bankrupt (liquidation orders) reached 115 during the first nine months of 2014. During 2013 the number of companies that went bankrupt was 189 and 133 during 2012.