Boom in new company registrations in Cyprus
A total of 9.473 new companies have been registered in Cyprus until mid June, figures of Cyprus’ Department of the Registrar of Companies and Official Receiver (DRCOR) show.
According to the department’s statistics, a total of 416 companies have been liquidated in the first months of 2011, of which 340 were voluntary liquidations, compared to 290 of which 232 voluntary liquidations in the same period of 2010.
Concerning new companies registration, a total of 9,473 new organizations were registered until mid June 2011, of which 8,793 were new company registrations, 644 business names registration and 36 were foreign companies registered in the island.
According to the department’s statistics, in 2010 a total of 20,785 (19,278 companies, 1,412 business names and partnerships and 86 foreign companies), whereas 17,749 orgnisations (16.101 new companies, 1.575 business names 73 foreign companies) were registered in 2009.
Commenting on the statistics, Registar Spyros Kokkinos told CNA that the figures clearly show a rise in company registration and in all operations of the department for the first five months of 2011.”
Kokkinos appeared optimistic that the registration of new companies will further increase in the second half.
He said the department became more efficient since the upgrade of its systems last May, and as a result the registration of a company can be completed in two working days, of even in one day in case of serious and justified reasons.
Furthermore, a total of 8,190 applications for the registration of new companies were lodged whereas the application for new business names reached 17,851.