New company registration recorded a drop of 19.5% in November and a drop of 13.3% in the first eleven months of this year, data released by the Companies Registrar and Offical Receiver show.
Applications for the registration of new companies recorded a drop of 19.5% compared to last November and a drop of 13.3% during the first eleven months this year compared with the same period last year.
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, from 2014 to 2018.
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 for the registration of new companies 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%.
The number of applications for company names in November 2019 fell by 14.5% 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 entire 2018.