The number of new company registrations in Cyprus is beginning to recover, having fallen by 42% from 2008 levels earlier in the year. There were 1454 company registrations in September 2009. Although this is 27% lower than the corresponding figure in 2008, it is the lowest decline so far this year compared with 2008 and is the second highest monthly figure in 2009. Announcing the figures, the Registrar of Companies also reported that backlogs in the Companies Registration Department had been eliminated, and that the turnaround time for new company incorporations is in line with targets.
The Registrar of Companies also disclosed that a number of public companies that did not submit the necessary resolutions documenting the redenomination of their capital from Cyprus pounds to euros are unable to make any changes to their Memorandum and Articles of Association, or to file other documents with the Registrar of Companies. It is hoped that the law can be amended allowing the Registrar of Companies to extend the relevant deadlines. Private companies are not affected since their capital was converted to euros without the requirement to file any resolutions.