According to the latest figures released by the Cyprus Companies and Intellectual Property Department, the total number of business registrations in the island state from January to October 2023 reached 10,730 versus 9,923 in the same period of 2022.
In turn, Cyprus saw an increase in the number of new trade name registrations to 1,596 from 1,585 a year earlier and cooperatives to 94 from 91.
However, the number of registered foreign companies fell to 46 from 62. European companies and economic groups accounted for only 1 registration.
By the way, for the same period in 2020, the number of company registrations totaled 8,639, cooperatives 92, trade names 1,570 and foreign companies 88.
As of October 31, 2023, the total number of registered companies in Cyprus was 199,193, the total number of registered cooperatives was 5,892 and the total number of registered trade names was 47,236.
Meanwhile, 1,232 foreign companies, 15 European companies and 12 European economic groups are listed.
The total number of registered European companies is 16, and the total number of registered European economic groups is 11.
Recall that the highest figures for the number of companies that operated in Cyprus were registered in 2013.
At that time, 272,157 organizations worked in the country. At the same time, the largest number of new company registrations occurred in 2007. A total of 30 thousand new organizations appeared in Cyprus. In turn, the most liquidations of companies occurred in 2016 - more than 23 thousand.
A company may cease its activities in Cyprus through voluntary deregistration, cross-border merger, transfer of its head office outside the country or due to compulsory deregistration due to non-compliance with its obligations. However, even after a firm has been deregistered from the Registrar of Companies, it can be reinstated at a later date if desired.
