Cyprus companies
Scope
The scope of this category of publications is to focus on company law in Cyprus, analyze and review amendments to the Cyprus Companies Law as well as current and future practices such as the reduction of capital, change of directors, change of the name and other.
Companies Law
In Cyprus, the predominant law covering companies’ dealings is the Companies Law, Chapter 113 of the Statute Laws.
The Companies Law was adopted during the establishment of the Republic of Cyprus (1960). Chiefly the legislative body then, adopted the Companies Act of 1948 as applied in the United Kingdom. Since then the Companies’ Law has been amended, 63 times, to adhere to the developing landscape of Cypriot companies and the international clients that they serve.
As of July 2019, i am aware of an overhaul to the Cyprus Companies’ law. It will be interesting to examine how the various disclosures (Cyprus Beneficial Ownership Registered, the General Data Protection Act, DAG6) will be adopted and applied.
Publications
Change Name – Cyprus Company
The name change process in a Cyprus Company is a process which needs the involvement of multiple parties and the approval of the Registrar
Cyprus Registrar Forms legality issues and effect
Within the...
Share Plan the Cyprus Position
A share plan must...
Transfer of shares when is it effective?
The process to transfer shares in Cyprus is misconceived, a transfer of shares doesn’t occur simply by submitting form HE57 to the Registrar.
New Electronic Filing Process at the ROC
The Registrar of Companies changed the electronic filing process for the forms changing the registered office, director and shareholders of a company.
Shell Companies per Central Bank of Cyprus
The Central Bank of Cyprus Circular BS 6020 defined shell companies in Cyprus, effectively prohibiting any services towards shell companies
Annual Levy Abolition discussed in parliament
The parliamentary committee of Energy, Trade, Industry and Tourism shall meet on Tuesday the 17th of September 2019 to discuss, among others, the abolition of the Annual Levy of Euro 350 applicable to every Cyprus company registered with the Department of the Registrar of Companies and Official receiver in Cyprus.
Cyprus Alternative Financing – Corporate Bonds
Corporate Bonds in Cyprus are selectively used by Public Companies, however under conditions, Corporate Bonds can be issued privet and to attract funds
Cyprus Private Company Limited by Guarantee
A Cyprus Private Company Limited by guarantee is a class of private companies similar to the private company limited by shares, however it is different and aims to be used for a different purpose
Cyprus Private Company Limited by Shares
With over 200.000 private companies incorporated in Cyprus the majority of them are limited by shares, but what does it mean to be limited by shares and what benefits are afforded