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October 1, 2019
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Company Migration in Cyprus

Subject to the legislation of the relevant jurisdictions, a Company can transfer its current domicile (or registered seat) to another jurisdiction, but keep its legal personality. The Cyprus Companies Law Cap. 113 (as amended) (“Companies Law”) provides the statutory framework as regards the migration of foreign companies in and out of Cyprus. A Company can do so if the laws of its current jurisdiction permit such migration and the process is undertaken according to its respective requirements.

Headquarters

Cyprus has long been a fundamental, geostrategic location as the third largest island in the Mediterranean crossroads of Europe, Asia and Africa. Organisations ranging from private or family businesses, startups and multinationals establish and relocate companies in Cyprus. As a member of the European Union since 2004 and the Eurozone in 2008, Cyprus enhanced its role as robust and reliable destination for key players in various industries. The professional services industry evolved to cater for businesses of local and international clients, in line with the risks of the Digital Age and the challenges of globalisation.

Law & Tax

The Cyprus legal system is largely based on English common law principles. This provides comfort through familiarity to international executives who conduct local or cross-border business through Cyprus. Cyprus law is formulated to facilitate compliant transactions of businesses smoothly. The national tax framework and incentives as well as international or bilateral treaties with countries worldwide remain useful business structuring tools. Cyprus has 12.5% corporate tax rate, limitless tax structuring opportunities and contemporary banking infrastructure - in line with the applicable EU AML legislation.

Migration Process

From a Cyprus legal perspective the migration process of a foreign Company to Cyprus is conducted as follows:

  1. the Cyprus Registrar of Companies (“Registrar”) issues a Certificate of Temporary Registration in Cyprus that usually permits the deregistration of the Company from its current (foreign) jurisdiction; and
  2. the submission of the requisite documents evidencing deregistration of the Company from the place of its current (original) jurisdiction and, subsequently, the approval of the Registrar upon issuance of the Certificate of Continuation, which confirms that the Company is formally registered in Cyprus.

 

Importantly, the Company will first need to obtain any required licence or authorisation before continuing in Cyprus.

Our Firm

We undertake a migration process from inception to completion, including the following:

i)              preliminary feasibility study of a proposed migration in and out of Cyprus;

ii)             liaison with the Registrar and foreign legal counsel;

iii)           drafting and reviewing of all supporting documents from a Cyprus legal perspective;

iv)           aligning the Company’s new Memorandum & Articles of Association in accordance with Cyprus law;

v)            translation of all relevant documents in the Greek language for the purpose of submission to the Registrar;

vi)           completion and submission of the relevant applications and supporting documents to the Registrar; and

vii)          ad hoc legal advice in relation to the ongoing requirements of a Cyprus Company throughout its lifecycle.

 

Our professionals seamlessly integrate their broad, deep know-how and technical capabilities in several disciplines. We apply a holistic approach to tackle any issues that may arise.

Please do not hesitate to contact us if you require further information or support on such matters.

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K. A. Kourtellos & Co LLC is regulated by the Cyprus Bar Association
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