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Although the majority of businesses in Cyprus aim to structure and carry on a business using a Cyprus private company limited by shares, in certain cases, examined below, it might be more appropriate to consider a the formation of a Cyprus Partnership. What is a Cyprus Partnership? A Cyprus partnership is a union of people who willingly come together for the pursuit of business with profit in mind. A Cyprus partnership formation is registered…
Does a covenant to restrain trade in a Cyprus employment agreement provide sufficient protection to the employer? – and does it really prohibit an employee from performing his trade? The answer is: No protection is afforded – the employee can carry on a trade as the employee wishes Covenant to restrain trade in Cyprus Contracts Law Under section 27 of the Contract Law, Cap 149, agreements in restraint of trade are void. Section 2 of…
A Trade Name is a name under which a Cyprus business (of any legal status) may carry on a trade or provide services. A trade name in Cyprus does not enjoy any of the benefits of a Cyprus private company limited by shares however sole practitioners and business alike may prefer to trade under a trade name since commercially it is a more appealing process. Companies Using Cyprus Trade Names For example ABC Trading &…
The Cyprus Registrar of Companies has yesterday announced that from the 18th of December 2019, in accordance with the Companies Law, Chapter 113, Law 149(I)/2018, the enforcement of a monetary charge to late fillings will apply. When does a Monetary Charge apply? The Cyprus Registrar of Companies clarifies that the monetary charge has effect ONLY to services which in accordance with the Companies Law, Chapter 113 will be notified after the 18th of December 2019.…
EU Sanctions Turkey – Extract from the press release On the 11th of November 2019, the Foreign Affairs Council of the European Union UNANIMOUSLY agreed to put in place a framework for restrictive measures in response to Turkey’s unauthorized drilling activities in the East Med. The EU Sanctions on Turkey will make it possible to sanction individuals or entities responsible for unauthorized drilling for hydrocarbons in the East Mediterranean sea. The EU sanctions on Turkey…
The new Registrar website is packed with information and guidelines on the various processes that the Registrar follows. Amongst these is a guidance note regarding the name of a Cyprus Company and the approval process and the conditions that must be followed. http://www.companies.gov.cy Before these guidelines there was faith! For many years, the conditions by which a Cyprus company’s name was approved was a mystery. Trial and error were our only tools. True story! At…
Members of parliament have submitted a law titled “Proposed law Regarding the Management of jointly owned buildings (Κοινόκτητες Οικοδομές )”. The purpose of the proposed law is to regulate the management of such buildings. The proposed law is deemed necessary so that, on the one hand, such buildings are governed under this proposed law and on the other hand to confront deficiencies appearing in the current legislative system.  The jointly owner buildings proposed law is available only in Greek…
With the passing of law 124(i)2/2018 titled ‘the Alternative Investments Funds Law of Cyprus’, in September 2018, the Cyprus Securities and Exchange Commission (“CySEC”) started accepting the establishment of a Registered Alternative Investment Fund (“RAIF”) as of January 2019. This publication will review the publicized information on the Cyprus RAIF. What is a Cyprus RAIF? The concept of the Cyprus RAIF allows for an alternative investment fund to be set-up in 30 days and enjoys…
Cyprus Investment Funds are on the rise since 2017, this can be seen by the Central Bank of Cyprus (“CBC”) statistics as well as the authorized Cyprus Investment Funds disclosed on the website of the Cyprus Securities and Exchange Commission (“CySEC”). Cyprus Investment Funds Statistics Taking into account the following factors: Total Assets Under Management (“Total AUM”) Number of reporting entities Then we can see that the Cyprus Funds Industry has grown in two years…
On the 16th of October 2019 Reuters released a Special Report: Khmer Richer – How relatives and allies of Cambodia’s leader amassed wealth overseas. The special report outlines how Cambodia’s long-ruling prime minister, Hun Sen, and family members obtained the European citizenship via the Cyprus Investment Programme. More specifically the report mentions the niece and her husband, who is Cambodia’s national police chief, having invested in Cyprus and applied for citizenship. The Special Report…