Corporate and Commercial
CORPORATE AND COMMERCIAL
Our firm’s Corporate and Commercial Department takes pride in its responsiveness, efficiency, reliability and diligence in servicing our clients in a cost-effective, time-efficient and highly qualitative manner.
As a former colony of the United Kingdom, the Republic of Cyprus is a member of the commonwealth jurisdictions and its legal system is largely premised on English common law and equity. The main source of Cyprus Company law is the Companies Law, Cap. 113 which mirrors most of the provisions of the English Companies Act of 1948 upon which it is based.
In recent years, the Republic of Cyprus has developed a reputation as an ideal jurisdiction for investors and businesses to avail themselves of its appealing tax regime. Moreover, Cyprus’ membership of the EU since 2004, in conjunction with its reliable corporate legal framework, offer an alluring environment in which businesses can flourish. While the bail-in of 2013 stimulated a period of uncertainty, investor confidence in Cyprus was not shaken. Indeed, the Cyprus economy has proved resolute, by attracting foreign investment to help offset the drawbacks of the financial crisis that hit Cyprus in the post-2013 years. In particular, the city of Limassol, where our firm is based, has been at the forefront of an unprecedented influx of foreign investment culminating in the development of significant residential and commercial projects, the most eminent of which is the first and only licensed (satellite) casino in Cyprus, which will soon be followed by the opening of the first casino-resort, in Zakaki area.
Driven, in part, by the repercussions of the global economic recession, recent years have witnessed a trend towards an increasingly rigorous and quite sophisticated regulatory framework at national, international and EU-level, steering the corporate landscape in Cyprus into uncharted territory. These developments have the effect of imposing more onerous obligations on businesses, who are now faced with numerous short-term and long-term challenges from an administrative, legal and tax standpoint; from the management of the daily affairs of a business to its long-term business objectives or marketing strategy. Against a backdrop of a rapidly evolving and growing corporate and commercial environment in Cyprus, businesses and investors alike are expected to quickly adapt to a plethora of challenges requiring efficient, expedient and cost-effective solutions.
The Corporate and Commercial Department of our Firm is committed to delivering legal and administrative services adhering to the highest professional standards across a broad spectrum of fields. In particular, our Corporate and Commercial Department is divided into the Corporate Administration and Corporate Legal sections, each offering a wide range of services:
The Corporate Administration section offers all services with regards to among others:
- incorporation of Cypriot companies under the Companies Law, namely, companies limited by shares or guarantee, public or private as well as of other corporate entities;
- provision of directorship, secretarial and domiciliation services and other corporation administrative services in accordance with the Law Regulating Companies Providing Administrative Services and Related Matters of 2012;
- incorporation of companies in other main jurisdictions (such as EU, UK, British Virgin Islands, Marshall Islands, Cayman Islands, Belize, Malta, Panama, Singapore, Dubai, Hong Kong and others);
- establishment of Partnerships, Trade Names and Clubs, Societies, Institutions and other forms of business organization in Cyprus;
- undertaking any kind of corporate procedures at the Registrar of Companies in Cyprus, including changes to Company’s corporate structure, amendments to a company’s M&AA, voluntary liquidation procedures, registration of charges, capital-raising transactions, removal and appointment of directors or other officers, convening and arranging the holding of general or board meetings etc;
- undertaking ongoing administration and management (including bookkeeping and accounting services) of corporate entities;
- undertaking the submission of applications for the opening of bank accounts in Cyprus and abroad as well as the administration of such bank accounts; and
- the registration of tradenames and trademarks (national, European and international).
The Corporate Legal section deals with all commercial and corporate procedures including, among others:
- drafting of the corporate Constitutional Documents (Memorandums and Articles of Association etc);
- drafting of various types of contracts or other legal instruments, such as, shareholders agreements, share purchase agreements, joint venture agreements, other agreements relating to corporate governance, partnership agreements, franchise agreements, intellectual property acquisitions, property sale agreements, agreements relating to sale of goods or services, tenancy agreements, employment agreements, loan agreements, assignments, pledges, mortgages or other charges and generally any agreements which his necessary for the establishment or the operations of a company;
- consultation and assistance on the establishment of business and economic presence in Republic of Cyprus;
- undertaking the carrying out of due diligence on Cypriot companies for any purposes;
- re-domiciliations from/to the Republic of Cyprus;
- voluntary and other forms of liquidation of local and foreign entities;
- re-organization and restructurings; and
- cross-border and domestic mergers and acquisitions.
and, in addition, provides legal assistance, consultation and support of any kind on issues related to, among others, corporate, taxation, employment, contract, real estate, intellectual property, banking, investments, financial management and gambling.
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