A Cyprus company limited by shares or guarantee and having a share capital, may, “if authorized by its articles of association“, increase its authorised share capital (Section 60 of the Companies Law, Cap 113).
If the articles of association of a company do not expressly provide authority for the company can increase its authorised share capital, the articles would need to be amended. The articles of association can me amended by special resolution.
Provided that the the articles of association permit an increase the authorised share capital a shareholders resolution is required. Whether an ordinary or special resolution is required depends on what the articles of association provide.
Section 62(1) of the Companies Law provides that company the must provide notice of the increase of the autorised capital to the Registrar of Companies within 15 days from the date that the resolution is relevant resolution passed.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law.
If you have a query or wish to receive further information, please contact us using [email protected]
