Cyprus Economy: Registrations of new companies increase

Applications for registrations of new companies continued to rise for ninth consecutive month in May, according to data from the Department of the Registrar of Companies and Official Receiver. 

The applications increased significantly by 23.6% and reached 1,072 compared to 867 in May 2015 and by 24.13% in the first five months of the current year. 

Compared to April the applications for the registration of new companies rose by 4.2% in the fifth month of 2016. 

During the first five months of the year, the number of applications reached 5,350 compared to 4,310 in the same period last year, an increase of 24.13%. 

The figures also showed that a total of 204,012 companies were registered in Cyprus at the end of May. 

The new registrations of companies in the first five months of 2016 were 5,227. Throughout 2015 11,270 companies registered in Cyprus.