According to the latest figures released by the Cyprus Companies and Intellectual Property Department, the total number of business registrations in the island state between January and June 2024 rose to 6,975 from 6,165 in the same period in 2023.
However, the number of new trade name registrations in Cyprus fell to 51 from 55 a year earlier, and the number of co-operatives fell to 51 from 53. In addition, the number of foreign companies registered fell from 27 to 19, with European companies and economic groups accounting for only 2 registrations.
In turn, the total number of registered companies in Cyprus in June 2024 was 1,306 compared to 982 in June last year, the total number of registered cooperatives decreased from 9 to 5 and the total number of registered trade names decreased from 177 to 156.
Recall that the highest figures for the number of companies operating in Cyprus were registered in 2013.
At that time, there were 272,157 organisations operating in the country. At the same time, the highest number of new company registrations was recorded in 2007. A total of 30 thousand new organisations appeared in Cyprus. On the other hand, the highest number of liquidations took place in 2016 - more than 23 thousand.
A company may cease to operate in Cyprus through voluntary deregistration, cross-border merger, relocation of its registered office outside the country or through forced deregistration for failure to comply with its obligations. However, even after a company has been deregistered by the Registrar of Companies, it can be re-registered if it so wishes.