Redomiciling a company’s seat of incorporation to the Republic of Cyprus offers businesses with an abundance of opportunities, given the island’s long established development as a significant business and financial hub and an ideal investment gateway to the European Union. Cyprus offers significant tax and other benefits, including a simplified and transparent tax regime, an importantly low-level corporate tax rate, and an extensive network of Double Tax Treaties. Click here for a deeper insight into the reasons for choosing Cyprus as your business’ seat : Why Cyprus?
The process in a nutshell
A foreign company which provides in its incorporation documents the possibility of redomiciliation may file an application to the Registrar of Companies to register in Cyprus as a continuing company. Following the submission of the required documentation accompanying the redomiciliation application, the Registrar issues a Temporary Certificate of Continuation and publishes the company’s redomiciliation in the Official Gazette of the Republic of Cyprus. Thereafter, the foreign company has 6 months to present the duly apostilled Certificate of Discontinuance (issued by the competent authority in the country of incorporation) to the Registrar, who will then issue a Certificate of Continuation, which certifies that the foreign company has been registered as a continuing company in the Republic of Cyprus.
Following the redomiciliation, the company applies to the Tax Department in order to obtain a tax identification number. Every employer-company is obligated to register in the Employers Register of the Department of Social Insurance Services of the Ministry of Labour, Welfare and Social Insurance. The company is further encouraged to proceed to the protection of its brand by registering its trademark to the Department of Intellectual and Industrial Property. Finally, the company is obligated to comply with its obligations that derive from the provisions of the Companies Act and any other applicable legislation.
How we can help
The process of redomiciliation requires skilful and knowledgeable professionals, with a thorough understanding of the entire redomiciliation process on a practical level, qualities that we possess at ServPRO. Our in-depth understanding of the applicable legislative provisions and the required documentation, coupled with our established hands-on experience in matters pertaining to redomiciliation enables us to help our clients transition through the process in a smooth and transparent manner.
