FREQUENTLY ASKED QUESTIONS
Our Firm can provide a Registered Office for Companies, where the Company’s correspondence (i.e. postal and mailing address) is being taken care of. We also provide Secretarial Services. Under Article 171 of Cap. 113 (Cyprus’ Companies Act), every Company must have a Secretary, regardless of whether it is a private or public Company. We can act as Secretary for our Clients, ensuring that all requirements imposed by Law are followed.
There is no such thing as “one size fits all” when it comes to Companies. This means that we take great care when listening to our Client’s instructions in regards to incorporating a Company, as one aspect could make the difference between, for example, a Company limited by shares, and one limited by guarantee.
We are capable of drafting tailor-made Memoranda and Articles of Association (M&AA) which will accurately and precisely reflect the purpose of your Company. We take care to draft the M&AA with the precise instructions of our Clients, allowing us to include all desired details, since the M&AA will act as the constitution of a Company, setting out the rules according to which it will operate.
The choice of currency used to represent the value of the shares in your Company will always be yours. The currencies that can be used are various and include the major currencies of the world – EUR/USD/GBP, among others.
We have extensive experience in Corporate Law, which enables us to draft a Share Purchase Agreement that will encompass all of the terms by which you wish to purchase the already existing Company. We will also conduct all the necessary due diligence in order to provide you with all of the required information to allow you to make an informed decision about the target Company.
Yes; according to Article 102(1) of Cap. 113, every Company must have a Registered Address. This address can change, however, and we can carry out this change on your behalf.
Yes, among other services, we are in a position to review your contract and advise about the legality of it and advise about its legality and its compliance with the Laws of the Republic of Cyprus.
Generally speaking, for a Power of Attorney to be acceptable in the Republic of Cyprus, it will need to be in either English or Greek. However, we can provide a bilingual Power of Attorney which is split in half, having an English version of the POA on one side, and either a Greek or Russian version on the other.
We will require all of the details about the property in question so that we may run all necessary checks to establish the value and condition of the property. Once all information is gathered, we will provide you with the step by step procedure of the acquisition. We can also act on your behalf during the negotiation process.
In order to apply, you will need to make one or multiple investments in Cyprus, resulting in a total of €2,500,000 (plus government and attorney fees). Although, if invested in residential property, the investment amounts to €2,000,000. For more information, please feel free to contact us.
Yes, but there will be certain criteria that will need to be satisfied. Firstly, the approval of the Council of Ministers will need to be obtained before you can own any type of immovable property. We can provide you with advice about this approval, or we can apply for it on your behalf. For more information, please feel free to contact us.
The identities of a Company’s Director, Secretary, and Shareholder are all made public during the incorporation process. That is why we offer nominee Shareholders and Directors, in order to safeguard identities. The only instance where the information of the beneficiary is disclosed is during the opening of a bank account. This is done as a result of the banks’ compliance with the applicable Anti-Money Laundering (AML) laws and regulations. However, as a result of strict Banking Laws in Cyprus, this information will be maintained by the banks in strict confidence.
- Note: Following the transposition of the 5th EU AML Directive (AMLD5), whose provisions should be implemented in Cyprus by January 2020, the government will be obligated to create and maintain a Beneficial Ownership Registry for legal entities. This Registry will contain information about the Beneficial Owner(s) of Companies and should be operational by March 2021.
Until recently, Companies in Cyprus were generally required to use their Seal when executing contracts or agreements. However, Companies are now permitted to execute agreements without having to affix their Seal on a document. It is good practice though to use a seal in the form of a rubber stamp (rather than engraved), in order to exclude any ambiguity regarding the authority of the party signing on behalf of the Company.
No. A company in Cyprus can be registered remotely. You do not even need to visit our Office if you wish, all services are provided remotely, with the subsequent sending of the incorporation documents by courier delivery.