Nicosia – The number of applications for the registration of new companies in Cyprus increased for the fourth consecutive year in 2017, according to the Department of the Registrar of Companies and Official Receiver.
Specifically, applications rose by 0.93% in 2017, reaching 13,743 compared to 13,616 in 2016. In 2015, the number of applications reached 11,306, in 2014 they were 11,253 and in 2013 they were 10,927.
Despite the increases over the past four years, the number of applications remains at one of the lowest levels recorded before the financial crisis of 2013, as in 2012 they were 18,000 and in 2011 they were 19,000.
The total of registered companies reached the highest level of a single year in 2017, at 217,893, compared to 208,493 in 2016, recording an increase of 4.51%.
Furthermore, new registrations for the whole year reached 13,672, which is the highest number since 2013.
The registration of foreign companies reached 87 in 2017, which is also the highest number since 2013, the Cyprus News Agency reports.
In 2017, the number of companies and persons filing for bankruptcy was 92 and 37, respectively.
Furthermore, voluntary liquidations reached 2,497 in 2017, recording a historic high. Up until 2011, voluntary liquidations remained under a thousand.