Fewer and fewer offshore companies registering in Cyprus

By in

During May 2015 only 103 applications were filed for registration of new companies in Cyprus, which is 10% lower than in 2014.
The total figure of company registrations for the first five months of 2015 was just 866 companies. Another blow to this figure was the adoption of the EU’s decision to establish a pan-European register of beneficiaries in order to exchange data with other countries for tax purposes by the 1st of September 2017. It is expected that work on the transmission of data to the Registration Chamber of Cyprus should begin during 2016. On the other hand, Cyprus may win if some companies decide to open offices in Cyprus, or relocate part of their functions and staff to Cyprus.