Another positive sign for the economy of Cyprus has been seen so far this year. A significant increase in the number of applications for registration of new companies was recorded in March. According to the data provided by the Department of the Registrar of Companies and Official Receiver (D.R.C.O.R.) of the Republic of Cyprus, the number of applications for registration of a new company increased in March 2016 by 23% compared to March 2015. The number of new applications in March this year was 1.205 compared to 980 in the same month in 2015. The data indicates that this was an increase for the seventh consecutive month.
This should be certainly considered as a strong indicator showing that the country’s economic situation keeps improving. On a monthly basis, the number of applications in March this year was by 8,1% higher compared to February. Furthermore, the data show that the number of the registered companies stood at 202.764 in March 2016. In addition to this, new registered companies in the first quarter of 2016 were 3.063, while only in March this year new registrations stood at 1.225. It is noted that new registrations in 2015 were 11.270. As regards new registrations for offshore companies, the data show that they reached 19 in the first quarter of 2016, while their total number in 2015 stood at 71. Thus, this factor definitely plays a significant role in the country’s economic growth and development.
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