International business returns

16/04/2010 06:46:05

The sector of international services has recovered lately, raising hopes that it will grow satisfactorily this year.

The companies’ registrations, which are one of the most effective indications for the course of the sector, rose for the fifth consecutive month, hitting a 20-month high.

According to latest Companies Superintendent’s and Official Receiver’s data, the applications for the company registrations in March 2010 soared 54% to 2,021 from 1,312 in the corresponding month of 2009.

Despite last year’s low base, this increase raises expectations and optimism for the course of the sector, since the number of applications is higher than that of July 2008.

The recovery started in latest 2009 and continued in the first three months of the year.

In February 2010, registrations increased to 18.6% and in January to 28.7%.

As a result, applications in the first quarter of 2010 surged 34.2% to 4,949 from 3,689 last year. Of the total 4,949 applications, 4,557 companies were registered.

The total registered companies in Cyprus in late March 2010 stood at 224,605. A large number of them are off-shore, Russian partly, and support the domestic financial sector with the purchase of accounting, legal and banking services.