Company registrations up by 28%

Applications for company registrations recorded a large increase in February 2016, reinforcing expectations for improving conditions in the flow of international business in Cyprus. According to new data by the registrar of companies and official receiver, applications for company registrations totaled 1089 from 790 in February 2015. This corresponds to an increase of 27.8%. In January the increase was 17.8%.

Applications for company registrations are a good indication for the future course of international business.
KPMG partner Tasos Yiasemides told Stockwatch that the increase recorded in company registrations reflects the gradual return of investors’ confidence to the Cypriot economy and the positive reaction to the recent tax reform.

According to Mr. Yiasemides, there is an ongoing effort to attract investors from markets beyond the traditional Arab, Middle East and African countries, by providing effective company and tax structures.

He added that the gradual increase of bank credit is encouraging an increase in company registrations. “However challenges remain in a fragile global economic environment and this is why we need constant monitoring of developments while problems of the real economy have to be addressed” he stressed.