A Company Limited by Guarantee is ‘a company having the liability of its members limited by the memorandum to such amount as the members agree may respectively thereby undertake to contribute to the assets of the company in the event of it being wound up.’ Therefore, the members of the company do not have to pay anything unless the company is wound up and the amount is limited to the amount agreed on the memorandum.
The information provided relates as a basic guideline for British passport holders only. Non-British passport holders or clients with documentation issued outside of the United Kingdom should contact their own consulate or embassy.
There are two types of tenancy in Cyprus. The “contractual” and the “statutory” tenancy. It is essential to identify the type of the tenancy which exists in a given case in order to ascertain which Court has jurisdiction to decide on the matter.
When property is acquired in Cyprus, the purchaser is liable to pay transfer fees, when the property is registered in his/her name at the Lands Registry Office.
Cyprus Companies Law provides that every private company must have at least one director and every public company must have at least two directors (s.170).
Cyprus registered companies offering administrative services to other Cypriot registered companies need to be authorised by the Cyprus Securities and Exchange Commission (hereinafter called the ‘Commission’).
Cyprus is an ideal place for the establishment of a medical centre, due to its fine climate (combination of health care and holidays in Cyprus), the known Cypriot hospitality, the professionalism of the workforce and due to its distinctive and unique location.
The Companies Law has been amended by Law 90(Ι)/2013 published in the Official Gazette on 26 July 2013. The amendment effected is the following: Keeping books of account
Under the 1992 law, in order to prevent tax avoidance, permanent residents of Cyprus were prohibited from establishing international trusts. The concept of permanent residence was not defined in the 1992 law or elsewhere. It was unclear whether settlors could relocate to Cyprus after establishing a Cyprus International Trust, and the resulting doubt discouraged many from doing so.
In Cyprus, there are two main methods of dissolving a company voluntarily. The easiest and cheapest method is the strike off method and the Members’ Voluntary Winding Up method.
Acquiring Cyprus citizenship entitles a person, amongst others, to live and work in Cyprus without any restriction as well as travel without any formalities within the EU. There are essentially 4 ways in which an alien can acquire Cyprus Citizenship: (a) by naturalization, (b) investment by exemption, (c) through marriage to a Cyprus citizen, and (d) due to Cypriot origins.
