Company registrations down 14% in February

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By Stelios Orphanides

The number of company registrations dropped in February by an annual 14 per cent to 961, the Registrar of Companies and Official Receiver said.

In January to February, the total number of company registrations dropped 0.8 per cent to 2,024 compared to the respective period of 2016, the company registrar said in an emailed statement. The number of applications for company names dropped an annual 13 per cent in February to 2,042 and 4.5 per cent to 4,206 in the first two months of the year compared to the respective period of 2016. Company registrations are an indicator of the performance of the business services sector.

The number of documents submitted fell in February 13 per cent compared to February 2016 to 9,832 while that of documents submitted in the first two months of the year rose an annual 1 per cent to 21,019, the department said.

The number of certified copies issued fell 5.6 per cent in February compared to February last year to 24,667 while that issued in the first two months of the year rose 2.2 per cent to 50,801, the department said.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Andreas Louca

    This is waste of time , as most of these companies are shelve companies and do not employ Cypriots nor anyone else. I could name several that are functional companies , filing returns to the CRo and Tax Authorities that contribute very little to the economy , that are use only for taxes
    avoidance .

    • Barry White

      Less work and same number or more at the Company Register office. To say nothing of the tens of thousands of companies according to the Government that are dormant, not filing annual reports and not paying their annual fees. The law says they should be struck off from the register but they are kept there for cosmetic purposes.

      Past time that many of the chair occupiers at the Registry office were weeded out and sent permanently away to enjoy their frappe’s elsewhere.