According to the Department of the Registrar of Companies and Official Receiver of the Republic of Cyprus, the number of applications for company registration in Cyprus has continued to increase for the 3rd consecutive year.
New applications for company registration significantly increased by 20.4% in 2016 reaching 13.616 whereas there were 11.306 applications in 2015. The number of applications reached 11.253 in 2014 and 10,927 in 2013.
In December 2016, the interest for registering a new company has risen for the 16th consecutive month, recording an increase of 4% reaching 1.335 applications compared to the month of December 2015. Applications for company name approvals also increased in December 2016 reaching 27,031 applications compared to 24.316 in 2015.
Nevertheless, the levels of company registration applications are still relatively small in comparison with the ones before the economic crisis of 2013 when the applications reached 18.000 in 2012 and 19.000 in 2011.
According to data released by the Department of the Registrar of Companies and Official Receiver, the total number of registered companies in Cyprus was recorded at 210.677 by the end of December 2016, noting a decrease of 7,5% compared to last year’s 227,840 registered companies. The decrease was the result of inactive companies (mainly inactive) withdrawing from the Registry.
The total number of registered companies as of January 31, 2017, stood at 209,413. Within January 920 new companies were registered.
The most popular type of Cyprus Company has remained as a Limited Liability Company (LTD).
The registered companies serving the purpose of locating the business in Cyprus have tax benefits, strategic location, and low set up as well as operational costs. The companies can also take advantage of the IP regime that is one of the most attractive in the EU.
If you would like to know more about companies in Cyprus, please do not hesitate to contact us at firstname.lastname@example.org.