Company-Related

Procedure relating to the issue of debentures in a Cyprus private limited company
Posted On : 04-04-2017

A private limited company registered in Cyprus is prohibited by its articles from inviting the public to subscribe for any shares or debentures of the company.

Companies in financial difficulties - actions to take
Posted On : 09-02-2017

There are 3 formal procedures for companies in financial difficulties and these are as follows:

• A reorganization plan of the company and/or a settlement between the company and its creditors may be effected following the approval of the court;

Management Accounts/Reports VS Financial Statements
Posted On : 16-12-2016

Audited Financial Statements and Management Accounts/Reports are both important tools for a business but each one serves a different purpose.

New Announcement from the Registrar of Companies in Cyprus
Posted On : 01-11-2016

New Announcement from the Registrar of Companies in Cyprus

Annual Levy paid to the Registrar of Companies
Posted On : 19-08-2016

The Registrar of Companies announced on 16.8.2016 that as per Law N.89(I) of 2015 which amends the Companies Law Cap.113...

Annual Levy - Penalties imposed by the Cyprus Registrar of Companies for non payment
Posted On : 06-07-2016

Companies registered in Cyprus that do not proceed with the payment of the annual levy of €350 on time will be liable to penalties.

Establishment of a branch or a representative office of an overseas company in Cyprus
Posted On : 04-08-2015

A branch or a representative office of an overseas company may be registered in Cyprus if within one (1) month of the establishment of the place of business, it registers itself as an overseas company with the Registrar of Companies in Cyprus. 

Annual Levy on Cyprus Registered Companies
Posted On : 23-10-2014

According to section 391 of the Companies Law (Cap. 113), irrespective of any other provisions of any other law, all Cyprus registered companies are obliged to pay an annual levy of €350,00.  

Obligation for record keeping for BVI companies, partnerships, trust and other organisations (2016)
Posted On : 28-08-2014

The changes effected in December 2015 with regards to record keeping obligations for companies and limited partnerships aim to ensure that the BVI remains compliant with OECD requirements. 

Lifting the veil of incorporation of a company
Lifting the veil of incorporation of a company
Posted On : 31-07-2014

A company is a legal person separate from its members and therefore the identity and motives of those who form and control the company are not relevant.

Security by a way of a pledge
Posted On : 29-07-2014

Securities nowdays are often required by the creditors for various transactions. One form of a security is a pledge over shares in a company, which by its nature is a possessory security interest and thus involves the delivery of possession, actual or constructive.

Definition of ‘Management and Control’ in Cyprus
Posted On : 23-06-2014

The new taxation status on Company is residence-based. A company is only ‘resident in the Republic’ if its business in centrally managed and controlled in Cyprus.

Statutory, tax compliance and other obligations of a Cyprus company
Posted On : 19-06-2014

Managing a Cyprus company has many statutory and other reporting obligations.

Allotment of shares- Basic formalities
Posted On : 04-06-2014

Shares may be allotted following the formalities set out in the articles of association.  In general, shares may be allotted by a company for cash or non-cash consideration or a combination of both at par fully paid or partly paid or at par plus premium.

Transfer of shares - Basic formalities
Posted On : 04-04-2014

Shares of private limited companies are a personal property and may be transferred in the manner laid down in the company’s articles of association.

Differences between Private and Public Companies in Cyprus
Posted On : 24-02-2014

The major differences between a public and a private company are as follows:

Incorporation of a limited liability company by guarantee
Posted On : 05-02-2014

A Company Limited by Guarantee is ‘a company having the liability of its members limited by the memorandum to such amount as the members agree may respectively thereby undertake to contribute to the assets of the company in the event of it being wound up.'

Insolvency Procedures in Cyprus
Posted On : 19-12-2013

Insolvency procedures are governed by the Cypriot Companies Law Act, Cap 113. Section 203 of the Law provides two methods of liquidation, namely:

Duties and liabilities of Directors under Cyprus Law
Posted On : 18-12-2013

Cyprus Companies Law provides that every private company must have at least one director and every public company must have at least two directors (s.170).

Amendments to the Companies Law in relation to the keeping of books of account
Posted On : 29-11-2013

The Companies Law has been recently amended by Law 90(Ι)/2013 published in the Official Gazette on 26 July 2013. The amendment effected is the following:

Dissolving a Cyprus company voluntarily
Posted On : 17-10-2013

In Cyprus, there are two main methods of dissolving a company voluntarily.  The easiest and cheapest method is the strike off method under Section 327 of the Companies Law Cap.113. 

Registration of a Trademark in Cyprus and Practice
Posted On : 02-07-2013

Any mark that is capable by itself of distinguishing the goods of one undertaking from those of other undertakings.

Flat Annual Levy of €350 for all Companies (Amendments in the Legislation)
Posted On : 04-02-2013

After the amendment in the legislation, dormant companies, which were exempted from the payment of the annual levy of Euro 350 for 2012 in accordance with the previous legislation, have to proceed with the payment of 2012 fee, prior to the end of March 2013.

Classes of shares in a limited liability company in Cyprus
Posted On : 01-11-2011

A company may have classes of shares, for example, where different shares have different rights i.e. to vote or to receive dividends in return for their capital contributions. Shareholders receive their share of the profits by way of payment of dividend.

Registration of International Business Branches in Cyprus
Posted On : 19-10-2011

Under Section 347 of the Companies Law (Cap 113), companies incorporated outside the jurisdiction of the Republic of Cyprus may register a branch in Cyprus. 

Procedure of re-domiciliation (transfer of registered office) of an overseas company to Cyprus
Posted On : 23-09-2011

The procedure of re-domiciliation of a foreign company to Cyprus is straight-forward. 

Directors Duties
Posted On : 30-08-2011

Directors have powers to take majority business decisions on behalf of the companies. Consequently, various duties are imposed on them, to ensure that the companies’ interests are protected.

International Business Companies- right to possess a duty free vehicle
Posted On : 25-08-2011

The relief regime from import and excise duties for goods imported for use by offshore companies or their expatriate personnel has been terminated since 31 December 2003. 

Cyprus Holding Company Formation & Registration
Posted On : 28-06-2011

Cyprus offers important possibilities for international tax planning. One such possibility which has proved to be very beneficial for international businesses is the use of a Cyprus Holding Company.

Authorisation for Investment and FX Brokerage Firms from CySec
Posted On : 15-06-2011

Multilysis Services Ltd through its associate Law firm, N. PIRILIDES & ASSOCIATES LLC provides a complete range of consulting/advisory services for the establishment, licensing and operation of Investment Firms in Cyprus. 

Lincensing of private ship security companies
Posted On : 07-02-2011

The Department of Merchant Shipping of Cyprus in collaboration with other relevant authorities of Cyprus has prepared a Bill which has been approved by the Council of Ministers of Cyprus, on the 20th of April 2012.

Cyprus International Collective Investment Schemes (ICIS)
Posted On : 07-02-2011

Multilysis Services Limited, through its associate law firm, namely Messrs N. Pirilides & Associates LLC, deals with the registration of International Collective Investment Schemes.

Office Address: 5 Amathountos street,
Pirilides Building, 4th-5th Floor,
3105 Limassol-Cyprus 51252, 3503