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Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Company & Corporate Law
What is the annual return? The Annual Return (also known as form HE32) is a statutory document that Cyprus companies must submit to the Company Registrar each year as provided for in section 118 of the Companies Law. The annual return is like a photograph of the state of affairs of a company which needs… Read More
Company & Corporate Law
The Cyprus Securities and Exchange Commission (“CySec”), issued the Directive that regulates the operation of the Trusts UBO Registry. The Directive was published on 18/06/2021. A concise summary of the new legal framework and the requirements applicable, is provided by the press release of STEP Cyprus in the link below. https://www.step.org/system/files/media/files/2021-06/step-cyprus_press-relea
Company & Corporate Law
Introduction The Fifth Anti-Money Laundering Directive (5AMLD) came into effect on the 10th January 2020 and serves to address new issues that have been exposed since the Fourth Anti-Money Laundering Directive which came into force back in 2017. It is a European Union (EU) legislation with the aim to strengthen the barriers in the battle… Read More
Company & Corporate Law
This is a reminder to our clients that they need to pay the annual levy 2020 for their company up to 31 December 2020. Normally the annual levy is payable every June, but this year the government granted an exension due to covid-19. Thus the annual levy can be paid up to 31st December 2020… Read More
Company & Corporate Law
Cyprus is an ideal destination for EU citizens to open a licensed travel agency due to the favourable conditions, low license fee and low cost of living in general. The licensing authority is the Deputy Ministry of Tourism. The prospective applicant must establish a limited liability company and use that to apply for the licences…. Read More
Company & Corporate Law
The obligation to pay the company's special government levy payable every June is suspended and is transferred on the 31th of December 2020. The Companies Law (Amendment) (No. 2) Law of 2020 was published in the Official Gazette of the Republic of Cyprus on April 30, in accordance with Article 52 of the Constitution.
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