Cyprus Mail
Business Cyprus

Thousands of firms seek to be struck off registry

Some 13,000 companies have asked to be removed from the registry, the Registrar of Companies said yesterday.

Spyros Kokkinos said companies were stricken off three months after their intention was published in the Government Gazette.

The Cypriot registry includes some 270,000 entities with hundreds if not thousands being inactive for years.

Just 23 per cent of the registered companies comply with their obligation to file an annual report.

Kokkinos urged the companies that have not done so to submit them as soon as possible to avoid sanctions.

New company registrations reached 2,615 in the first quarter of the year, raising the total number at the end of March to 270,480, from 272,157 at the end of 2013 and 269,345 at the end of 2012.

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