The General Data Protection Regulation – GDPR – entered into force in May 2018, affecting data collectors and processors all over the world. As an EU country, Cyprus is directly affected by this law, as companies here carry out most of their activities on the EU market.
Below, our Cyprus company formation agents explain how the GDPR affects companies and individuals in this country.
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Who must comply with the GDPR in Cyprus?
As mentioned above, data collectors and processors are required to comply with the GDPR in Cyprus. These imply:
- – traditional online companies collecting personal information from customers in Cyprus and other EU states;
- – companies processing personal information collected from individuals in Cyprus;
- – companies registered in Cyprus collecting and processing information from clients in Cyprus and other EU states;
- – companies registered outside Cyprus and the EU collecting and processing information supplied by Cypriot citizens and residents.
This means that both local and foreign companies operating in Cyprus must comply with the General Data Protection Regulation.
Individuals can purchase shelf companies in Cyprus if they wish to launch a business fast and without going through the complete formation process. These companies are typically developed and put up for sale by companies who specialize in this kind of business. Feel free to get in touch with us if you need assistance selecting such a business.
How to become GDPR compliant – a procedure explained by our specialists in company formation in Cyprus
There are a few steps which can help Cyprus companies become GDPR compliant. These are:
- observe very carefully the new law with its provisions and what information falls under this category;
- appoint a GDPR officer – this is not mandatory; however, it is recommended for companies registered in Cyprus;
- review their data protection policies and draft new agreements in compliance with the GDPR requirements;
- ensure better personal information protection by analyzing and improving their data collection processes.
Our company formation consultants in Cyprus can advise local companies on how to comply with the GDPR. We also remind business owners that both traditional and online companies in Cyprus must comply with these rules.
Special requirements under the GDPR
It must be noted that companies in Cyprus are now required to draft simplified agreements related to the collection and processing of personal information. Also, clients must have the possibility to opt out of offering personal information to companies and also to request the deletion of their data from a company’s database.
Please feel free to contact our specialists in company formation in Cyprus if you want to know more about the GDPR or if you want to open a company in Cyprus.