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Redomiciliation Of Overseas Companies To Cyprus
Cyprus legislation allows for the redomiciliation of companies. Companies from an alternate jurisdiction can initiate a transfer of their registered office to Cyprus thus being able to benefit from Cyprus’ favourable tax environment and at the same time keep its original legal identity.
An overseas company is permitted to apply to the Registrar of Companies in Cyprus for its redomiciliation into Cyprus, under its current name or under a new company name (which is subject to approval by the Registrar of Companies), provided the company’s memorandum and articles of association allow for the redomciliation into another jurisdiction.
The corporate documents which need to accompany the application should present the following:
- Evidence of good standing of the overseas company;
- An outline of the overseas’ company’s business objectives;
- Adequate due diligence of the company’s shareholders, directors and secretary;
- Proof of compliance with the laws of the foreign jurisdiction of the overseas company;
- Evidence of the lack of any court or administrative proceedings against the overseas company;
- All corporate resolutions of the Company;
- A directors’ affidavit in regards to the legitimacy of the domiciliation of the application`s contents and of the documents accompanying the application and verifying the solvency of the overseas company.
- Evidence that the overseas company operates under a valid license abroad and plans to effect its activities in the Republic of Cyprus, in case the company has licensable activities.
- A consent letter if in the case that the overseas company is listed on a recognised stock exchange together with its most recent offer to the public regarding its listed shares.
Certification of Redomiciliation of an Overseas Company into Cyprus
Once the application for the domiciliation of an overseas company to Cyprus is approved by the Registrar of Companies, a temporary certification continuation will be issued by which the legality and operations of the said company will be officially recognised in Cyprus.
What’s more, the time frame for the redomiciliation of an overseas company to Cyprus is usually six months from the issuance of the temporary certificate of continuance. After the submission of relevant de-registration certificate of the overseas company to the Registrar of Companies in Cyprus, the final certificate of continuance of the overseas company will be issued and thereafter the said company will be considered to be redomiciled in Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specific advice for your specific circumstances can be sought from our firm’s experts.For further information or clarifications, please contact Soulla Dionysiou at DP Law