CYPRUS: 85,000 companies struck off by Registrar

The Registrar of Companies and Official Receiver has struck off 84,780 companies to date due to lack of reporting or wilful liquidation as some were dormant and had no directors.

The decision is probably the result of the EUR 300 annual tax levied on all companies in recent years, as part of the cash-strapped government’s efforts to find additional sources of revenue, following the EUR 10 bln bailout plan imposed by the Troika of international lenders.
According to the Registrar of Companies, in 2014 alone, 29,692 were struck off.
The registrar’s office sent 46,201 reminders to companies asking them to provide their outstanding annual reports and financial statements.
The total number of registered companies in 2013 amounted to 272,157.