Redomiciliation to Cyprus
Cyprus Law permits the redomiciliation process which allows a company to transfer its jurisdiction of incorporation to Cyprus, in accordance with Companies (Amendment) Law of 2006, Law No. 124(I)/2006).
Cyprus is included in the list of very few countries that permit the redomiciliation of Non-EU companies into and out of Cyprus.
Redomiciliation is the procedure where a company transfers its registration from one country to another. This allows an existing company to transfer its registered office and address to a new jurisdiction by acquiring all the benefits of the new jurisdiction.Cyprus offers many tax advantages and incentives for companies and individuals and therefore extremely attractive to redomicile to Cyprus.
An application must be submitted by the foreign company to the Registrar of Cyprus Companies together with the following documents:
- A resolution of the foreign company approving the continuation of the company in Cyprus
- A copy of the memorandum of the foreign company
- A certificate of good standing of the foreign company
- A sworn affidavit by the director of the foreign company confirming the following:
- The name of the company and the name it wishes to continue in Cyprus
- The jurisdiction under which it is registered
- The date of its registration
- That it duly notified the relevant authorities of its jurisdiction of its wish to continue as being registered in Cyprus.(the notification should be attached to the affidavit)
- That there are no civil or criminal proceedings pending against the company in the foreign country. (A sworn affidavit by the director of the foreign company, confirming the solvency of the Company)
- Certificate of directors and secretary
- Certificate of shareholders
- Any other documents which the Registrar of Cyprus Companies may request
Upon examining the above documents, the Registrar of Cyprus Companies, will temporarily file these and issue a Temporary Certificate of Continuation confirming that the foreign company is temporarily registered and continuing in Cyprus as from that date.
Within a period of six months from the date of issue of the Temporary Certificate of Continuation, the foreign company must submit to the Registrar of Cyprus Companies evidence from the appropriate authorities of its country that it has ceased being a company registered in that country.
If no such evidence is submitted, the Registrar of Cyprus Companies may delete the name of the foreign company from its registry and inform the foreign authorities accordingly or to grant an extension of further three months for submission of the evidence.
Upon presentations of the above evidence to the Registrar of Cyprus Companies that the Company has ceased to be registered in the foreign Registry and upon submitting the Temporary Certificate of Continuation, the Registrar of Cyprus Companies will issue the Certificate of Continuation.