On 28 July 2006, a new Law has been enacted in Cyprus as an amendment to the Companies’ Law, cap. 113 by which foreign companies can be redomiciled in Cyprus and Cyprus registered companies can be redomiciled abroad. The relevant regulations required for the application of this law have been published in the Government Gazette on 6 July 2007.

Redomiciliation of a foreign company in Cyprus

A foreign company may apply to continue existing as a legal entity in Cyprus provided that the laws of its country of current domicile so permit. The redomiciliation takes place with the prior permission by the Cyprus Registrar of Companies. To this effect an application must be filed with the Registrar to attain the necessary consent containing a prescribed list of documents and information.

Once the necessary documents are submitted, the Cyprus Registrar certifies that the foreign company is temporarily registered as a continuing entity and within 6 months from temporary registration, the foreign company must present to the Cyprus Registrar evidence that it has ceased from being a company registered in the country of initial incorporation.

As soon as the Registrar receives proof that the company has ceased to be registered in the country or jurisdiction of origin, will issue a certificate of continuity confirming that the company has been registered as a company continuing its domicile in Cyprus.

Redomiciliation of Cypriot company to a foreign jurisdiction

A Cyprus company may apply to continue existing as a legal entity in another country or jurisdiction provided that the laws of that other country or jurisdiction so permit.

The redomiciliation can only take place with the prior permission by the Cyprus Registrar of companies. To this effect, an application must be filed with the Registrar to attain the necessary consent containing a prescribed list of documents and information.

The Registrar will consent to the redomiciliation provided that the company, among others, provides a duly signed solvency declaration confirming the solvency of the company and confirming that the directors are not aware of any circumstances that would negatively influence the company’s solvency within the next three years, submits special resolution and interim financial statements to the Registrar.

Redomiciliation 10/09/2014