COMMERCE Minister Antonis Paschalides expressed enthusiasm for Cyprus’ business prospects, saying various big companies abroad are very interested in investing here.
Presenting the results of his ministry’s efforts to speed up procedures for company registrations, Paschalides said it was a “well known fact” that attracting foreign investors to Cyprus was the government’s main economic policy.
“Cyprus has significant competitive advantages and a favourable environment to attract investments,” the minister pointed out.
“Improving the business environment, lifting bureaucratic procedures and offering a swift service to the business world is our interrelated aim,” he said, adding that this was why it was of vital importance that the Department of the Registrar of Companies was operating smoothly.
“In the past few years, there has been a dramatic increase in the company registrations rate,” said Paschalides.
According to the minister, 9,080 new companies were registered in 2003, which increased to 24,187 in 2008 – a 166 per cent increase. Furthermore, 28,760 organisations applied to have their names approved in 2003. This increased by 68 per cent in 2008, reaching 48,506.
“With the huge increase in workload, the Department of the Registrar of Companies has been facing huge problems with immediately servicing the public,” Paschalides admitted. “With intensive efforts, we have managed to reduce the time needed to register a new company, approve a company’s name and seek registered documents.”
He added, “In March 2008, to approve a company’s name it took around 15 working days, sometimes even more. Today, it takes between one and two days.”
To register a company, Paschalides continued, it took between 20 and 25 working days, which today has been reduced to between two and three days.
The minister also referred to the ‘one stop shop’, which is a service offered to businesses that need urgent approval, which can be done in the same day.
The Department’s smooth operation is of great importance to the economy, Paschalides concluded.
“In 2007, the Department’s income reached £26,506,504 [€45,289,051] and in 2008, it was €33,857,650.”
