More foreign companies in CY First Published: 20/01/2011 07:27 / Last Updated: 20/01/2011 12:45

Cyprus is expected to accept an increased number of foreign companies this year, after the significant rebound of the international service sector in 2010. Except for Russia, the market circles expect the flow of foreign investors from Ukraine, Belarus and China.

In his statements to StockWatch, Cypro-Russian Association Manager, Andy Nathanael said that the interest from Russia, Ukraine, Belarus and China is increased.

“If nothing unexpected occurs, the positive course in the applications for the registration of companies will continue in 2011 too”, he said.

In 2010, the international service sector recovered impressively in relation to 2009.

According to latest Companies’ Superintendent’s data, the applications rose 18.3% to 19,201 from 16,231 in 2009.

The registrations are a significant indication in the sector and largely concern companies of foreign interest that become active on the island.

In December 2010, the applications surged 11.8% to 1,804 against 1,614 in the corresponding month of 2009.

The total registered companies in Cyprus in late December 2010 stood at 237,372.