From the 18.12.2018 there is no longer an obligation to pay capital duty of 0.6% on the authorised share capital or any increase thereof. The Council of Ministers abolished this obligation as part of wider measures taken aimed at making Cyprus an even more attractive jurisdiction for the incorporation and domiciliation of companies. Our firm…
Section 64 of the Companies Law (Cap 113) provides that a Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, reduce its share capital. The reduction of share capital may, in certain circumstances, be used to: (a) return capital to the shareholders that…
The legislation and procedure relating to winding up of legal entities is set out in the Companies Law, Cap.113 (the “Law”). Under section 203 of the Law the two main types of winding up procedure are voluntary liquidation and liquidation by the court. A. Voluntary Liquidation A Cyprus company may enter into a members’ or…
The Cyprus parliament approved a new insolvency framework aimed at streamlining and modernising the existing system and promoting a rescue culture. The legislation includes the enactment of entirely new legislation and amendments to existing legislation and relates to the insolvency of both natural and legal persons. The new Insolvency framework The new insolvency framework comprises…
Insolvency: Liquidation of a Cyprus Company The legislation and procedure relating to winding up of legal entities is set out in the Companies Law, Cap.113 (the “Law”). Under section 203 of the Law the two main types of winding up procedure are voluntary liquidation and liquidation by the court. A. Voluntary Liquidation A Cyprus company…