Increase in Applications to Register New Companies

A significant increase in the number of applications for new companies was recorded in March, as reported by the Cyprus News Agency.

According to data by the Department of the Registrar of Companies and Official Receiver (D.R.C.O.R.) of the Republic of Cyprus, the number of applications for registration of a new company increased in March 2016 by 23% compared to March 2015.
The number of new applications in March this year was 1.205, compared to 980 in the corresponding month in 2015.
Data shows that this was an increase for the seventh consecutive month and the 18th increase in the past 27 months.
On a monthly basis, the number of applications in March this year was by 8,1% higher compared to February.
According to the data, the number of the registered companies stood at 202.764 in March 2016.

In addition, new registered companies in the first quarter of 2016 were 3.063, while only in March this year new registrations stood at 1.225. It is noted that new registrations in 2015 were 11.270.

As regards new registrations for offshore companies, data shows that they reached 19 in the first quarter of 2016, while their total number in 2015 stood at 71.