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Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Company & Corporate Law
It is a general principle of company law that an individual shareholder cannot sue for wrongs done to a company or complain of any internal irregularities. This principle is widely known as the rule in Foss v Harbottle. The rule in Foss v Harbottle In Foss v Harbottle (1842), two shareholders commenced legal action against the… Read More
Company & Corporate Law
According to EU Regulation no. 600/2014, banking and financial institutions must present to their supervising authorities reports containing complete and accurate details of executed transactions. This starts from the 3rd of January 2018. In order to achieve this reporting, the identification of the legal entities (companies) involved in the transactions is done through the Legal Entity Identifier
Company & Corporate Law
The Registrar of Companies has resently sent out notices to all private companies that have not paid the annual levy in any year starting from 2012, 2013, 2014 or 2015, to do so in 3 months. Otherwise the Registrar will strike off the company from the register. You can check if your company owes annual levy… Read More
Company & Corporate Law
Belize has recently introduced changes in its company law (the Belize IBC Amendment Act (2017) , to address certain OECD requirements while at the same time minimizing their impact on clients. They relate to client records and anonymity. These changes will be imposed immediately on all new incorporations, but existing companies have a One Year… Read More
Company & Corporate Law
On June 12th, 2017 the BVI Government enacted the Beneficial Ownership Secure Search system Act, 2017 (“BOSSs Act”) and it shall come into force on June 30th, 2017. The BOSSs Act creates a secure system, the Beneficial Ownership Secure Search System (“BOSSs”) for the effective, efficient and confidential storage of information regarding the beneficial owners… Read More
Company & Corporate Law
Please be reminded that all Cyprus companies should settle the special annual government levy of 350 euro by the 30th of June 2017. The settlement of the annual duty should ONLY be done through JCCSmart website through the following link: https://www.jccsmart.com/ Please follow the instructions below: Instructions for the payment of Cyprus Companies annual levy (2017)… Read More
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