The new Registrar website is packed with information and guidelines on the various processes that the Registrar follows. Amongst these is a guidance note regarding the name of a Cyprus Company and the approval process and the conditions that must be followed.
Before these guidelines there was faith!
For many years, the conditions by which a Cyprus company’s name was approved was a mystery. Trial and error were our only tools.
At one point the client wanted a specific name and we ended up asking for 5 different names in order to ensure that at least the client received one of them to use.
Pre Name Approval Process
No formal process to pre-approve or pre-authorise a name exists. However, it is highly recommended that an online investigation is conducted to ascertain the extent to which other entities are currently using the same name.
Always investigate the name you are contemplating to request. Such investigation should be performed on the publicly available information at the Registrar. Typical methods include:
- Search for the name with the option “with all these words”
- Search the exact name with the option “with any of these words”
Since the Registrar will be looking at companies outside of Cyprus it is recommended that a general internet search is conducted.
When does the Registrar approve a name?
For a name request to be approved, the requested name must not be similar or used by a registered entity. The Registrar is not restricted to the local market and may reject a name for the purpose of protecting internationally recognized firms not approved in Cyprus (e.g. Coca Cola, McDonald, etc).
Misleading or Unwanted Names
Cyprus Company Name Guidance provides that, the Cyprus company name must not be misleading or unwanted. Misleading or unwanted names have been designated by the Registrar as the following:
- Includes symbols such as ‘€’ ‘%’ ‘@’
- Is offensive
- It would be a criminal offense to use
- Includes the name of any person other than the director, shareholder
- Instigates an association with the Cyprus Government, the President, a Ministry, a government department, local authority, organization incorporated by law, or the government of any other country
- Includes the names “co-operative”, “municipal”, “privileged”, or “recognized” or the equivalent in the Greek language
- Includes any of the following words “National”, “International” “Republic”, “European Union”, “Europe”, “Euro” except in special circumstances
- Instigates that a company of limited means conducts work on a large scale
Restricted Words or Phrases
In accordance with the Cyprus Company Name Guidance the following words cannot be used in the name of a Cyprus Company without consent of the appropriate governmental authority:
|Restricted word or phrase||Goverment Responsible Authority|
|‘bank’ or ‘savings bank’ or the phrases ‘credit institution’ or ‘cooperative credit institution’||Central Bank of Cyprus|
|‘university’, ‘polytechnic’, ‘school’, ‘academy’ or ‘college’||Ministry of Education, Culture, Sports and Youth|
|‘insurance company ‘ or ‘ reinsurance company’||The Superintendent of Insurance|
|‘casino’||Ministry of Energy, Commerces and Industry|
|‘Radio’ or ‘Television’||Cyprus Radiotelevision Authority|
|‘Payment Institution’||Central Bank of Cyprus|
|‘Electronic Money Institution’ or ‘E-Money’||Central Bank of Cyprus|
|‘Bureau de Change’ or ‘Exchange’||Central Bank of Cyprus|
|‘DLC’||Cyprus Medical Council|
|‘DELC’||Cyprus Dentist Council|
|‘LLC’||Law Office of the Republic of Cyprus|
|‘Fixed Capital Investment Company’ or ‘F.C.I.C.’, ‘Variable Capital Investment Company’ or ‘V.C.I.C.’, ‘Alternative Investment Fund’ or ‘AIF’, ‘Alternative Investment Fund with Limited Number of Persons’ or ‘AIF with Limited Number of Persons’ or ‘AIFLNP’, ‘Registered Alternative Investment Fund’ or ‘RAIF’||Cyprus Securities and Exchange Commission|
What about Limited / LTD
Subject to the type of Cyprus Company to be formed the proposed name must include as the last word:
- In relation to a private company with shares that has a name in the Greek language the word ‘ΛΙΜΙΤΕΔ’ or ‘ΛΤΔ’ and in the case Latin characters are used then ‘LIMITED’ ή ‘LTD’
- In relation to a public company with shares that has a name in the Greek language the word ‘ΔΗΜΟΣΙΑ ΛΙΜΙΤΕΔ’ or ‘ΔΗΜΟΣΙΑ ΛΤΔ’ or ‘ΔΗΜΟΣΙΑ ΕΤΑΙΡΕΙΑ ΛΙΜΙΤΕΔ’ or ‘ΔΗΜΟΣΙΑ ΕΤΑΙΡΕΙΑ ΛΤΔ’ or ‘Δ.Ε. ΛΙΜΙΤΕΔ’ or ‘Δ.Ε. ΛΤΔ’ must be used and if the name is written with Latin characters then ‘PUBLIC COMPANY LIMITED’ or ‘PUBLIC COMPANY LTD’ or ‘PUBLIC CO. LIMITED’ or ‘PUBLIC CO. LTD’ or ‘PLC’ or ‘PUBLIC LIMITED’ or ‘PUBLIC LTD’.
The use of Limited may be waived if the Cyprus company is formed as a none for-profit company for the promotion of any common benefit and intends to invest any surplus or other assets for the common good.
Requesting the name
The Registrar uses an application to communicate the desired name of the company. This is the same application used since 2007 and requires the following particulars:
- Name of the Applicant
- Address of the Applicant
- The telephone of the Applicant
- The proposed Name
- The nature of business
- The name of the director
The application for approval of name may be submitted either in person or via the online system. Usually, the approval time is 5-7 days depending on the Registrar’s workload. When the approval is granted it is valid for 6 months and in case an extension is required then it may be renewed for an additional 6 months.
Display of Company Name
Every Cyprus company is required to display its name outside of every office or place of business in a visible place with easy to read letters. To embed its name on its official seal and to display its name on its webpage.
Change of Company Name
To change the name of a Cyprus Company please consider the above publication.
For many years he has worked and devoted his skills and efforts towards building a successful career as a leading executive. From humble beginnings, his aim has always been to yield results; with a keen focus to attention to detail and client satisfaction. His experience has always been varied and not specific, at times he preferred it. With that in mind, he has dealt with CySEC on licensing and ongoing regulation, international private equity and credit fund managers, NASDAQ and NYSE listed companies occasional millionaires as well as self-made millionaires. His passion though is difficult transaction work organizing and deploying people for a common goal. Harris enjoys reading and studying the Cyprus law and sharing that information on this website.