Reduction in international business in Cyprus

На Кипре сократилось число регистраций иностранных компаний
7 November 2020 Liza Medvetskaya
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The international services sector showed a slight deterioration in October 2020 before abolishing the Cyprus investment program (CIP), as shown by new data from the registrar of companies.

According to the new data of the companies' registrar, in October 2020, the registration applications rose to 1038 from 1055 in October 2019, recording a decrease of 1.6%.

In September, there was an increase of 13.1%.

KPMG economist and partner Tassos Giasemidis told that since the beginning of the year there has been a decline, which is recorded in the reduction of the number of new companies registered in the Registrar of Companies and which became more intense in the months when the restrictive measures were imposed due to of the virus.На Кипре сократилось число регистраций иностранных компаний

"The sector has been restructured in recent years and adapted to the changing needs of entrepreneurs, investors, and society, but also to the new directives of local and international supervisory authorities, which are numerous in number, that of professional services," he said.

"It is clear that the international economic and business environment is continuously changing, creating new needs from investors. It is necessary as a state where we must proceed to those changes that will maintain Cyprus' competitiveness through changes in the tax framework and strengthening reforms. To facilitate entrepreneurship, "he emphasizes.

According to Mr. Giasemidis, the promotion of the so-called headquartering, i.e., the relocation of large companies in Cyprus, investment funds, and audiovisual, moves in the right direction. However, there are still several things that need to be done.

In the first ten months of 2020, the decrease in company registrations is 16.7%, with the number being limited to 8 814 from 10 587.

The total number of registered companies in Cyprus amounts to 228 080.

In 2019, company registrations decreased for the first time since 2013, falling to 2015 levels. Applications for company registrations in Cyprus decreased in 2019 by 13.1%, falling to 12,607 from 14,511 in 2018.

Source: stockwatch.com.cy
Photos: pixabay.com
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