The Minister of Energy, Commerce, Industry and Tourism Yiorgros Lakkotrypis said that the time required for the registration of a company at the company registrar has been reduced to up to a maximum three days.

“We have improved the time required for someone to register a company,” the minister who was commenting in an interview to state radio CyBC said. “Applications that are properly filled in take 24 hours if they are submitted online and around 48 hours if filed at the counters of the registrar’s office. It takes up to three days to register a company today”.

The minister said that it took “longer than three to four weeks” to do so in the past.

“We monitor this on a weekly basis to make sure that we remain within the framework of one to three days,” he said adding that the ministry is cooperating with the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus in this area.

Lakkotrypis said that registered companies are increasingly complying with their obligation to submit their annual reports at the registrar’s office. “For many years, there had been no compliance”.

Source: Business Mail