The Infocredit Group has released a study on the mentality and strategy of local companies and how these have changed throughout the course of the past 6 years. Indeed, the report captures the effects of the financial crisis of 2013 on Cypriot businesses, as well as on the economy at large.
Infocredit’s analysis indicates great changes in the business environment, such as the significant decrease in the number of bounced cheques – which dropped to 1,542 in 2015 from 4,753 in 2012 – as well as from the rise in the number of voluntary liquidations, which show a gradual increase over the last 6 years, reaching a peak in the year 2015.
Furthermore, the number of new registrations as well as the number of additional registrations of business names & partnerships has increased, despite the drop in the total number of registered companies since 2014. According to the report, a decline was also observed in the number of additional registrations of overseas companies.
2014 was the peak year with regard to the number of dissolved/written-off companies and during the first two months of 2016, 7,196 companies have already been dissolved/written-off. In addition, 2015 marked the highest number of voluntary liquidations over this 6 year period. The analysis also offers additional information on the legal form of registered companies, the percentage of registered companies and the percentage of dissolved/written-off companies based of years of operation.