There are several changes which can be made to a Cypriot company. Some of them are mandatory, while others are decided by the shareholders. Among the frequent changes made in a Cypriot company is the change of its legal address, however, it is possible for the owners to also change the company’s trading name.
When changing a Cypriot company’s name there are several steps to consider and a few requirements to comply with. Below, our company formation consultants in Cyprus explain the main requirements related to changing a company’s name. We can also help with such a procedure.
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The Company Law on company names in Cyprus
The first and most important thing to consider when opening a company or making changes in a Cypriot company is to comply with the requirements of the Company Act. Another law which must be respected when choosing and reserving a company name in Cyprus is the Partnerships and Business Names Law.
The following aspects need to be considered when reserving a trade name in Cyprus:
- – natural persons and legal entities doing business in Cyprus need to operate under a trade name;
- – the chosen name will first be submitted for approval with the Companies House in Cyprus;
- – after the approval of the Registrar, the company can reserve the business name and use it;
- – the trade name reservation form must be filed when registering the company with the Registrar;
- – the business name can be changed upon a request filed by the company’s representatives.
If you want to open a company in Cyprus and need more information on how to properly choose or change the business name, our local advisors are at your disposal with specialized services.
When can a Cypriot company change its business name?
There are various situations which can determine the shareholders of a Cyprus company to change the trade name. Among these, the change of the business direction of the company is often a reason, however, there are also other situations which can lead to such a change in the company.
When merging or being acquired with/by another company, the Cyprus business will be required to make various amendments, including that of the trade name.
Nowadays, rebranding is part of most companies’ actions to improve their business image and this often leads to a change in the trade name.
There are also particular situations of foreign companies operating under branches in Cyprus: in this case, the branch office cannot change its trade name, unless the parent company does that.
For complete information on the legitimate reasons under which a Cypriot company’s name can be changed, you can ask our company registration agents.
The procedure for changing the Cyprus’ company name
There are several steps which need to be completed when changing a Cypriot company’s name. Among these:
- the shareholders must convene a meeting in which the change of the trade name is decided;
- the majority of the shareholders must sanction the change of the company’s trade name;
- a notification accompanied by an application form must be filed with the Trade Register
- the company’s Articles of Association must also be amended with the new trade name;
- the company must also notify the relevant authorities and clients on the change of the name;
- the company must update the company’s official documents and seal with the new name.
Changing a Cypriot company’s name is not complicated, as the procedure can be completed in a matter of days. The business owners, however, will need to consider that the new name must comply with the same regulations imposed by the law when choosing a new trade name.
If you decide to open a company in Cyprus and need information on all the requirements to comply with, our representatives can provide you it. We can also assist with the entire company registration procedure, including if you decide to change any information about your Cypriot company.
Reasons to invest in Cyprus
For a few years now, Cyprus has imposed itself as one of the most important economies in Europe and the European Union. Among the reasons it is worth investing in Cyprus, we mention the following:
- – starting with 2017, Cyprus’ credit rating improved considerably, given the fact that local banks has issued bonds with a value of more than 3 billion euros;
- – in 2018, Cyprus ranked 8th in the FDI Superstars report issued by Global Finance magazine;
- – 2018 brought an economic increase of 3.5% for the Cypriot economy;
- – property purchases in Cyprus in 2018 increased by 16.7%, 30% of the buyers being foreigners.
If you need assistance in starting a business or changing your Cyprus company’s name, please contact our local consultants.