Cyprus Mail
Business

Company registrations down 60 pc in May

New company registrations fell by around 60 per cent year-on-year in May, the company registrar said onThursday.
It was more or less an expected development following the island’s messy bailout in March, which saw one bank closed and another forced to take its clients’ deposits to recapitalise.
Between March and May, company registrations dropped by 50 per cent compared with the three previous years.
According to the company registrar, applications in May reached 640 compared with 1,600 last year and 1,786 in 2011.
There were 790 applications in April, 934 in March, 1,304 in February and 1,454 in Juanuary.
Company registrar Spyros Kokkinos expressed hope that government efforts currently underway will help the sector bounce back after the summer.

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