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Company Act in Cyprus

Company Act in Cyprus

The legislation system of Cyprus is rather similar with the one in the United Kingdom. In fact, the Cyprus Company Law, cap. 113 is considered to be based on the English Companies Act 1948. Some modifications have been made in 2000 and 2001. All foreign entrepreneurs who come to set up a company in Cyprus must be aware of the regulations stipulated by the Cyprus Company Law. In order to perform any type of activity, a company in Cyprus must register with the Registrar of Companies.

As far as the partnerships are concerned in Cyprus, they fall under the regulations of the Partnerships and Business Names Law Cap. 116. Sole proprietorships are also included in this category, therefore must obey the same rules as a partnership.

Private companies with foreign investors are called International Business Companies must meet some requirements in order for the registration procedure to be completed with the Registrar of Companies in Cyprus.

The Company Act in Cyprus specifies that International Business Companies must provide two options for the companies’ name, as well as offer information on the main activities of the company, the initial capital and shareholders. All these details must be translated into Greek and then the registration procedure will be finished in less than three weeks.

When it comes to the employment law in Cyprus, the Cyprus Labor Law offers high protection to employees. Besides, the European Directives also protect employees in Cyprus. All their rights and obligations are stated in the Employment Law. As far as foreign employees are regarded, work permits are necessary and these documents are usually issued by the Migration Office, according to the Alien and Immigration Laws and Regulations.