Cyprus Incorporation Trends

According to Bank of Cyprus analytical Research, issued in June 2011, Cyprus is still an attractive regional financial hub, due to its strong rule of law, Euro-area membership and low corporate tax rate (10%). Of course, it is hard to give certain future investment activity predictions due to the world economic imbalance. However, Cyprus position as a regional financial and transactional center continues to grow, and its importance growing alongside. This statement is reflected both by the secular growth in International Business Banking activity as well as increase in Registered Cyprus companies (Diagram 1).

After the 2009 drop down, Cyprus started to recover promptly. And in 2010 the number of companies registered in Cyprus increased by 16% comparing to the preceding year. The official data of Cyprus Registry Company Department allows making a certain prediction that the current year will show a stable growth of new incorporated companies on the island.

Cyprus economy has proved to be resilient to both external shocks, confirming its robust growth with the medium term outlook remaining positive.

Also, the Research shows that during the first quarter of 2011, the Cypriot economy grew by 1,7% and projected GDP growth for 2011 is to reach +1,5%.

Such results were reached mainly by the contribution and development of Cyprus financial Services, the trade and tourist and transport sectors.

Analysis of official data and trends allows making a conclusion that Cyprus remains secure and attractive place for investments and continuing developing as a financial center.

Diagram 1

Source: Cyprus Department of Registrar of companies and Official Receiver,

http://www.mcit.gov.cy


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