Both local and foreign entrepreneurs are welcome to set up companies in Cyprus. Under the Company Law, opening a company in Cyprus implies preparing specific documents, appointing company directors and a secretary, having a business address and registering with the Trade Register and the tax authorities. A Cyprus company must also have a local bank account.
In certain cases, one or more of the details mentioned above and submitted with the Companies Registrar need to be updated. The Company Act provides for the changes that can be made in a company. These changes are explained below by our company formation agents in Cyprus.
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What are the changes that can be made to a Cyprus company?
The following changes and updates can be brought to a company registered in Cyprus:
- – it is possible to change a company’s shareholders, directors, and secretary;
- – the business owners can also replace a company’s legal address if it changes;
- – the share capital can also be altered by increasing or decreasing it;
- – the company’s name can also be changed as many times the business owner requires it.
The other details that can be changed in a Cyprus company are the tax registration forms and also the bank account information can be updated if a new account has been added or if the company has changed the bank it works with.
Our Cyprus company formation specialists can help business owners who need to make one or more changes in their companies.
Making and reporting the changes in a company in Cyprus
The first step in making the changes in a Cypriot company is to amend the business’ Articles of Association when changing the shareholders, the directors and/or the company secretary. In the case of company directors, a resolution must also be passed by the shareholders. Once these changes have been made, they must be reported to the Companies Register in Cyprus.
When it comes to the change in the company’s trade name and bank account details, specific application forms must be filed with the Trade Register.
In the case of changes brought to the share capital of the company, a special resolution must be passed by the shareholders.
For assistance in making changes to your company, please contact our company registration advisors in Cyprus.