A shareholders’ agreement is a private agreement between shareholders which determines the manner in which shareholders exercise their rights with respect to the shares in the company or the rights attached to the shares in the company.
An Electronic Money Institution (EMI) is a market participant licensed by the Central Bank of Cyprus, which has the right to issue electronic money. Electronic money is pre-paid monetary value issued into circulation by an electronic money institution, held on electronic devices, which can be used for payment purposes. An EMI may also perform money…
Cyprus has been considered as an attractive destination for investors, individuals and families through its competitive transparent legal, financial and regulatory framework as well as the advantageous tax policy combined with the strong banking system. The island has received a considerable inflow from Lebanese individuals, companies and families which are seeking to safe destinations outside…
In order for a company to be registered, the name under which it is proposed to be registered must have been previously approved by the Registrar of Companies and Official Receiver (hereinafter the “Registrar”) after submitting a relevant application. According to the Companies Law Cap.113 the proposed name to be approved by the Registrar certain…
The FTX bankruptcy filings caused a chain reaction across regulators and supervisory bodies across the globe, with Cyprus being no exception. On 11/11/2022 the Cyprus Securities and Exchange Commission (CySEC) announced that the license of the Cyprus Investment Firm FTX (EU) Ltd with number 273/15, is suspended in whole, due to suspicions of alleged violations…
Transfer of a property in the name of an “enclaved buyer”. A new deadline is approaching. Did you know that the right of all purchasers who did not lodge and/or submit their sale contract or assignment agreement before the District Land Office lapses on 31.12.2022? The recent legislation is judged to be fair as it…
A. General Introduction Cyprus is a common law jurisdiction, and its legal system is based on the UK one. It is a clear and robust system which leaves no uncertainty as to the ownership status of real estate in Cyprus. The Land Registry Office in Cyprus (with district offices in each of the major towns…
The Legal Framework Insolvency matters in Cyprus are governed by the Bankruptcy Law Cap.5, which deals with the bankruptcy of natural persons, and the Companies Law Cap.113, supplemented by the Companies (Winding Up) Rules and certain provisions of the Bankruptcy Law which regulate the insolvency of legal persons. In 2015 the Cypriot Insolvency Law has…
Possibility to remove current liquidator and possibility to appoint an additional liquidator in the procedure of creditor’s voluntary liquidation. Based on Section 277 of the Cyprus Companies Law, Cap.113, the creditors and the company at their respective meetings may nominate a person to be liquidator for the purpose of winding up the affairs and distributing…
A company may enter into the procedure of the voluntary liquidation by its creditors when it cannot pay its debts. This procedure’s objectives are the distribution of the insolvent company’s assets between its creditors and the company’s dissolution. The directors of the insolvent company shall prepare a statement of their position on the company’s affairs,…
Procedure of re-domiciliation of a Cyprus Company out of the Republic of Cyprus. Application for re-domiciliation abroad A Cyprus company registered under the provisions of the Companies Law, Cap. 113 may apply to a foreign country to be registered and continue its existence under that legal regime provided that the following has been obtained: (a)…
The conditions and circumstances under which the disclosure of information about the Investors / Unitholders of a Cyprus Alternative Investment Fund (AIF) is obligatory. The Cyprus Security and Exchange Commission (CySEC) is the regulatory authority responsible under the Law for the licensing and supervision of Investment Funds for both Undertakings for Collective Investment in Transferable…
Τι είναι η Πνευματική Ιδιοκτησία Σε αντίθεση με την ιδιοκτησία φυσικών αντικειμένων, όπως για παράδειγμα την ιδιοκτησία αυτοκινήτων, σπιτιών και άλλων αντικειμένων, η πνευματική ιδιοκτησία αναφέρεται στην ιδιοκτησία ενός φυσικού ή νομικού προσώπου επί δημιουργιών του ανθρώπινου μυαλού, όπως για παράδειγμα μία εφεύρεση, σχέδιο, διακριτικό σήμα, καλλιτεχνικά έργα. Τα δικαιώματα πνευματικής ιδιοκτησίας προστατεύονται τόσο από…
Introduction Injunctions may be issued as a final remedy (at the end of a case) or during the claim to retain the status quo until the final judgment is issued (called interim or interlocutory injunctions). According to the case Odysseos Andreas v. A. Pieris Estates Ltd and Another (1982) 1 CLR 557, an injunction has…
Ο περί Σωματείων και Ιδρυμάτων και για Άλλα Συναφή Θέματα Νόμος του 2017 (104(I)/2017) έχει ψηφιστεί για την ρύθμιση, έγκριση και έλεγχο των σωματείων, ιδρυμάτων, ομοσπονδιών τα οποία όπως ρητά αναφέρεται και στον ως άνω αναφερόμενο νόμο και αποτελεί επίσης μία εκ των βασικών προϋποθέσεων για την έγκριση και την σύσταση των Σωματείων, ιδρυμάτων και…
After years of debates, Cyprus initiated the total and comprehensive reform of its Court System in an effort combining shortening the time of litigation (first and second instance) and becoming a competitive if not unique, low-cost, specialised, common-law forum of adjudicating disputes. Recently the government of Cyprus submitted several bills of laws to the House…
Q&A guide to private mergers and acquisitions law in Cyprus The Q&A gives an overview of key issues including corporate entities and acquisition methods, preliminary agreements, main documents, warranties and indemnities, acquisition financing, signing and closing, tax, employees, pensions, competition, and environmental issues. Private Mergers and Acquisitions in Cyprus: Overview Read the complete guide here……
Background The Emerging Companies Market (ECM) is the unregulated market of the Cyprus Stock Exchange (CSE). The ECM’s concept is similar to the Alternative Investments Market (AIM) of the London Stock Exchange (LSE). Companies which are wishing to list their securities such as shares and bonds on the ECM are not required to comply with…
Cyprus Digital Nomad Visa Scheme – An attractive option for remotely workers In the early years of pandemic Covid-19, the term “work remotely” has gain popularity throughout of the world. Work remotely has been extended and prolonged in many businesses with a positive impact on both the employer and employees, whereas in some cases “work…
The Cyprus International Trust (CIT) can be employed in commercial and business transactions but also as a vehicle for charitable and other purposes. Examples of usage include CIT’s being used as vehicles for: The management of funds: Investment Trust Funds, Credit Institutions, Banks etc. may, through the use of a CIT and a Cyprus International…
Owners of successful businesses sometimes like to exaggerate with extravagant lifestyles. Santa Clara mansions, private Hawaii islands, Bugattis and Lamborghinis, private yachts, submarines and jets it is not unusual to see them posted on TikTok. There are however also, down to earth successful founders and company owners, who prefer to maintain a lower profile and…
Cyprus registered companies can employ third country (non-EU) nationals to work and live in Cyprus, under a fast-track scheme, if certain basic requirements are met. The new “Cyprus Foreign Interest Companies” scheme adopted by the Cyprus Government, under which Cypriot registered companies owned by foreign shareholders, may employ in Cyprus third country (non-EU) employees, in…
New market and new reality In front of the heavy bookshelves of the city’s law offices that store hard copies of the All-England Law Reports since 1890 to date, lawyers are talking with young people, clients and experts, about science-fiction computer-geek terms like “blocks” and “distributed” and “permissioned ledgers”, “hashing” and “mining”, “full” and “half…
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