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Company registrations surge

05/02/2016 17:03
Applications for company registrations in Cyprus recorded a large increase in January 2016, while market players expect the sector to be further enhanced following two years of stabilization.

According to new data from the Registrar of Companies, applications for company registrations rose to 922 in January 2016 from 783 in January 2015, which corresponds to an increase of 17,8%.

Partner of Treppides Fund Services, Andreas Yiasemides told StockWatch that the upward trend that is recorded in company registrations reflects the improved economic environment and the prospects of the Cypriot economy.

"As investor confidence towards the country improves, this trend will continue. The tax reform enacted last year reinforces the efforts of professionals in the sector of services. The services sector is stabilizing and growing in a changing global economic and political environment," he said.

According to Mr. Yiasemides, challenges remain and continuous effort is needed for the country to maintain its comparative advantages.

"The naturalization program is helpful, while the gradual restoration of the country’s entrepreneurship and consumption is enhancing the real economy, which has significant problems at the moment while also supporting company registrations" he added.

In 2015 the total number of applications for company registration in Cyprus rose by 0.4% as it reached 11.234 from 11.189 in 2014.

The total number of registered companies in Cyprus, currently stands at 228.637.