International business shows signs of resistance with applications for registrations recording an increase in October.

Although Cyprus applied to the EU support mechanism and there is still uncertainty on the course of its economy, foreign investors seem to be still interested in investing on the island.

According to latest Companies’ Superintendent’s data, applications for registrations of companies rose 6.6% in October 2012 to 1662 from 1558 in the corresponding month of 2011. In September, applications had dropped 11.8%.

The October increase is the first since April and the second for the year.

For the period January – October 2012, they fell 6.4% to 15,307 from 16,359 last year.

According to Baker Tilly CEO, Marios Kleitou, “the international business withstands high pressures because of the good product offered by Cyprus as well as the coordinated efforts of CCCI and CIPA to keep customers”.

“It should be noted that the decline since the beginning of the year is a general phenomenon in Europe due to recession”, he told StockWatch.

The stabilization of the international businesses is also indicated by Central Bank’s latest figures on foreign deposits.

Despite concerns for outflow of Russian deposits, deposits by residents of third countries in September totaled €21.2 billion from €21 billion in August 2012 and €20.8 billion in September 2011.