commercial
Recent legislative developments have significantly affected the VAT treatment of new residential properties in Cyprus. This article examines the expiry of transitional provisions, the current eligibility requirements for the reduced 5% VAT rate, and the additional amendments entering into force during 2026.
A Joint Venture is where two parties agree to pool their resources for the purpose of accomplishing a specific task. A joint venture can be created by (a) a contractual agreement between the parties (b) setting up separate legal entity (c) establishing a partnership and (d) establishing a European Economic Interest Grouping
Cyprus Companies Law, Cap 113 implemented Directive 2005/56/EC on cross-border mergers of limited liability companies (Cross-border Mergers Directive). Cyprus company law provides the framework for cross-border mergers between companies in Cyprus and companies from other EEA states.
A Partnership is the relationship which subsists between two or more persons carrying on business in common with a view to profit. Partnerships are governed in Cyprus by the Partnership and Business Names Law, Cap. 116.
A shareholders’ agreement is an agreement entered into by the shareholders of company and which stipulates their respective rights and obligations. The shareholders’ agreement can regulate the shareholders voting rights, protect a minority shareholder`s interests and provide how a company is going to be run.
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.…
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.
Cyprus Companies Law, Cap 113 implemented Directive 2005/56/EC on cross-border mergers of limited liability companies (Cross-border Mergers Directive). Cyprus company provides the framework for cross-border mergers to occur between companies in Cyprus and companies from other EEA states.
Mergers result in the transfer of the assets and liabilities of one company to another and the dissolution of the first company without it going into liquidation. A merger between Cyprus companies is defined by section 30 of the Income Tax Law (Law 118(I)/2002).
The legislation and procedure relating to winding up of legal entities is set out in the Companies Law, Cap.113 (the “Law”). Under section 203 of the Law the two main types of winding up procedure are voluntary liquidation and liquidation by the court. A. Voluntary Liquidation A Cyprus company may enter into a members’ or…