The Cypriot law system is based on a mixture between the Anglo-Saxon system and the Continental one. The principal sources of law in Cyprus are the EU Directives, the constitution, the statutory laws and the judicial laws. The Cypriot commercial or company law falls under the Companies’ Law Chapter 113.
The company law states what a private company is how it is incorporated and dissolved and it also controls the Memorandum and Articles of Association.
Companies in Cyprus are divided into:
When registering a company in Cyprus the following data must be provided:
After the approval of the name for the company is achieved, the Memorandum and Articles of Association are submitted with the Companies Registrar and in about 5 business days the company will have the certificates which will allow it to carry economic activities.
The Companies’ Law requires that every company has at least one director that can be a person or a legal entity. Even if it is not mandatory, it is advisable for the director to be a Cyprus resident for taxation purposes. The Cypriot commercial law also states the presence of a secretary which will be named by the Board of Directors of the company and it is advisable for the secretary to be a resident. The law requires a company to have at least one shareholder that can be an individual or a legal entity and to have a registered office in Cyprus.
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