Do your International Business Activities in Paphos

16/08/2018
The province of Paphos is the ideal place for someone to transfer or establish his place of business or through which to manage international business activities. The region offers a welcoming environment and the suitable infrastructure in which a modern business can operate. In Pafos there are available modern office spaces and trained staff of high education. Cypriot and foreign international banks maintain branches in Paphos. High-level legal expertise, consultancy, accounting and audit services are available to enterprises in Paphos from local and international firms operating in the region. The secure environment of Paphos, the numerous activities that guests and Paphos residents can enjoy, the presence of high-quality English speaking schools and university faculties and a favourable tax environment, create the ideal conditions for the establishment of both business and families.

Below are available options of legal entities on the Island and the ways to do business in Paphos – Cyprus.

Types of Entities in Cyprus:

– Companies Limited by shares
• Private
• Public
– Company Limited by guarantee
– European Company (Societas Europaea)
– Branches (act as such a legal entity)
– Partnerships

Reference shall be made to Business/ Trade names which all of the above entities may register and trade with Mergers and Re-organisations.

General Provisions
– Two or more existing companies be merged between themselves
– Two or more companies be merged with a new establishment (for this purpose Company)

Procedure
– Preparation of restructuring/ Merger Plan
– Approval of the plan by the shareholders and Directors
– Consent from the Companies Creditors
– Obtaining of Court Order
– Filing with the Registrar the Court Order and any other documents mentioned in the Order

Note: It is suggested that before proceeding with the merger, this possibility be examined from a Cyprus Tax point of view.
Re-domiciliation

In 28.7.2006 a new Law has been enacted in Cyprus, as an amendment to the Companies’ Law Cap.113, by which:
– Foreign Companies can be re-domiciled in Cyprus
– Cyprus registered Companies can be re-domiciled abroad