Cyprus succession law is designed to keep property within the bloodline. If you are resident in Cyprus this may result in a minimum proportion of your worldwide estate being allocated to specific heirs, even if the Will states otherwise.
The Registrar of Companies and Official Receiver announced on the 15.03.2019 that following clarifications received from the Attorney General regarding Article 90 of the Companies Law, Cap. 113, charges relating to the pledging of foreign share certificates or the charges resulting from them, will be accepted for registration as was the practice previously. The announcement…
Currently in Cyprus, under the Organization of Working Time Law, employers are obliged to maintain and keep records relating to employees who work above 48 hours per week on average. Employers are also obliged to maintain a record of all employees who consent to work above 48 hours (on average) and to provide this to…
The introduction of the National Health Scheme (GeSY) is aimed at upgrading and modernising the healthcare sector. The philosophy of Gesy is based on universality and social solidarity on medical services so that everyone, regardless of age, financial situation and severity of medical condition will have equal access to high-quality healthcare services without any restrictions.…
From the 18.12.2018 there is no longer an obligation to pay capital duty of 0.6% on the authorised share capital or any increase thereof. The Council of Ministers abolished this obligation as part of wider measures taken aimed at making Cyprus an even more attractive jurisdiction for the incorporation and domiciliation of companies. Our firm…
The European Court of Justice significant ruling on the definition of ‘night work’ will affect employers with pregnant / breastfeeding shift workers. In the case of Gonzalez Castro v Mutua Umivale, ProsegurEspana SL, Instituto Nacional de la Seguridad Social (INSS), C41/17, the European Union Court of Justice (ECJ) ruled that pregnant workers who have recently…
Following the implementation of Directive 2005/56/EC (Cross-border Mergers Directive) into local law by Law 2 of 186(I) of 2007, Cyprus Companies Law, Cap. 113 now provides the framework for cross-border mergers of limited liabilities companies, where at least one of the merging limited liability companies is a Cyprus company or where the limited liability company resulting from the cross-border merger is a Cyprus company.
A Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, increase its authorised share capital (Section 60 of the Companies Law, Cap 113).
A Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, reduce its share capital (Section 64 of the Companies Law, Cap 113). In order for a Cyprus company to reduce its share capital: (a) a special resolution must be passed in general meeting…
Section 64 of the Companies Law (Cap 113) provides that a Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, reduce its share capital. The reduction of share capital may, in certain circumstances, be used to: (a) return capital to the shareholders that…