New company registrations recorded a drop of 19.5 per cent in November and a drop of 13.3 per cent in the first eleven months of this year, data released by the Companies Registrar and Official Receiver shows.
On the basis of the applications submitted for the registration of new companies, it seems that 2019 will be the first year to record a drop in applications on an annual basis, following a continuous increase during the last five previous years.
In particular, according to the data the number of applications for the registration of new companies in Cyprus reached 1,054 this November compared to 1,309 in November 2018.
During the first eleven months of 2019 applications reached 11,700 compared to 13,505 during the same period in 2018.
Compared to October 2019, the number of applications recorded a drop in November of 0.5 per cent.
The number of applications for company names in November 2019 fell by 14.5 per cent to 2,558 compared to 3,005 in November 2018.
Total registered companies by the end of November this year reached 224,438 compared to 216,239 in 2018. New company registrations during the first eleven months of this year reached 11,529.
During the first eleven months of this year, the total number of companies declaring bankruptcy was 58, compared to 97 for the whole of 2018.