Over the past year and a half, Cyprus has experienced an unprecedented transformation of its corporate landscape. As part of stricter legislation on the disclosure of beneficiary information and financial statement submissions, the Department of the Registrar of Companies has conducted a large-scale 'clean-up' of the register.
Mass deletions from the registry
According to official data, 4,302 companies were removed in the first seven months of 2025 alone. By the end of 2024, this figure had risen to 16,533. Many of these legal entities were inactive and failed to submit data on their ultimate owners or the required financial statements by 31 March 2025.
At the same time, a record number of companies closed in May 2025 — 1,598 — while no companies were removed in July. The largest write-offs in 2024 occurred in October (2,325), November (5,102) and December (2,690). Overall, Cyprus has lost more than 20,000 legal entities in the last two years alone.
New company registrations
At the same time, there has been significant business startup activity on the island. Between January and July 2025, 10,276 new organisations were registered, including 9,178 local companies, 1,262 cooperatives, and 36 foreign companies.
For reference, 14,444 new businesses were added to the register in 2024. This demonstrates that Cyprus remains an attractive jurisdiction for entrepreneurs, even with tighter regulations in place.
Current business picture in Cyprus
As of 31 July 2025, 199,832 companies, 4,919 cooperatives and 1,205 foreign enterprises were listed in the official register, along with 49,740 trade names. In addition, 16 European companies and 12 European groups were registered.
For comparison, the number of registered companies was 196,090 at the end of 2024, 198,963 in 2023, 192,469 in 2022 and 203,545 in 2021. These figures demonstrate that the Cypriot company market is evolving dynamically and undergoing a phase of structural change.
The goal is not to delete, but to enforce compliance with the rules.
In an interview, company and intellectual property registrar Irini Milona-Chrysostomou confirmed that the department is currently conducting a targeted clean-up of the register of companies that do not comply with legal requirements. According to Ms Milona-Chrysostomou, only companies that completely ignore their obligations are being removed, while organisations that demonstrate at least some compliance are given the opportunity to continue their activities. In 2024, more than 128,562 companies filed their annual reports, confirming the gradual strengthening of corporate discipline in Cyprus.
Prospects for business
Strict state control aims to increase business transparency, improve Cyprus's image as an international financial centre and combat the use of 'dormant' companies. Despite thousands of firms being excluded, growth in new registrations confirms that interest in Cyprus among entrepreneurs and investors remains high.