The Department of Companies and Intellectual Property of Cyprus has published new data regarding the number of registered business entities in the island state.
According to the report, the figure rose to 3,139 units from 3,149 between January and March 2024.
In turn, Cyprus saw an increase in the number of registrations of new trade names to 428 from 483 a year earlier and cooperatives to 25 from three.
However, the number of foreign company registrations fell to 8 from 14, with European companies and economic groups accounting for none of the registrations.
In turn, the total number of registered companies in Cyprus fell to 1,346 in March 2024 from 1,372 in the corresponding month of 2023. The total number of registered cooperatives fell to 9 from 19 last year, the total number of registered trade names fell to 155 from 207. Finally, the number of foreign company registrations fell to three from six in the corresponding month of 2023.
In the first quarter of 2024, 122,530 online registrations were recorded compared to 105,976 in the corresponding quarter last year, according to data from the relevant department. Meanwhile, 55,598 entries were recorded against 40,796 in the corresponding quarter of 2023. The registry also recorded 35,390 requests compared to 32,668 in the corresponding period of 2023. At the same time, the number of approved names rose to 7,587 compared to 7,470 last year and the number of company liquidations to 916 compared to 554 a year earlier.
Online filings rose to 29,814 in March from 32,806 in March 2023, while entries in annual accounts rose to 8,454 from 7,596. Registry inquiries fell to 11,375 from 12,336 and the number of approved names rose to 2,272 from three thousand. At the same time, no company liquidations occurred in March.
Recall that the highest figures for the number of companies that operated in Cyprus were registered in 2013.
At that time, 272,157 organizations operated 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.