Companies Law

Cyprus companies law: Provisions and Company Establishment

 Cyprus Companies Law (Cap 113) is based on the English Companies Act, governing company establishment and operation. 

Definition and Types: A Cyprus Company is a distinct legal entity, offering forms like private/public limited companies, limited liability companies, and investment companies. 

Limited Liability Principle: Companies are separate legal entities, ensuring members aren't personally responsible for debts, safeguarding them from creditor claims. 

Registrar of Companies: Overseen by the Ministry of Commerce, Energy and Industry, this department manages company registration, intellectual property, and insolvency. 

Company Registration: Key requirements include company name, address, officers, shareholders, activities, and memorandum/articles of association. After registration, a certificate is issued. 

Post-Registration Steps: Companies must register with the Tax Department and obtain a Tax Identification Number (TIN). VAT registration is obligatory if transactions exceed €15,600 or voluntary in certain cases. Social Insurance registration for employers is mandatory. 

Trademark Protection: Trademark registration safeguards company rights and product/service differentiation. 

Corporate Compliance: Companies must inform the registrar of changes like name, directors, share capital, and registered office. Audited financial statements are submitted to the Tax Department annually. An annual return (HE32) and a €350 annual levy are also required.
Incorporating these steps ensures a compliant and legally sound business operation.