Thursday, 29 July 2010
The Law
A branch of a foreign company may be registered in Cyprus under section 347 of the Companies Law, Chapter 113.
Requirements
Overseas companies may establish a branch in Cyprus by applying directly to the Department of the Registrar of Companies and Official Receiver, within one month of such establishment.
With regard to the certification of the above documents, experience has shown that the documents must be legalized and “apostilled” in the country of origin. Alternatively, legalization is required both by a notary public and the consul of the Republic of Cyprus in that country.
Branch Documents
As in the case of companies it is advisable that the management of the branch and the overseas company are provided, upon the registration of the branch, with a full set of documents, properly legalized and translated, where appropriate, into English or any other language. In the case of a branch such documents normally comprise:
Effect of Registration
By registering a Cyprus branch of an overseas company, no new incorporation is effected since there is an already incorporated company abroad which is simply establishing a place of business in Cyprus.
The name of the branch is the same with the name of the overseas company.
Annual Financial Statements
The branch must file with the Registrar of Companies, a certified copy of the balance sheet and profit and loss account of the parent corporation, translated into Greek.3.1 The Law
A branch of a foreign company may be registered in Cyprus under section 347 of the Companies Law, Chapter 113.
Requirements
Overseas companies may establish a branch in Cyprus by applying directly to the Department of the Registrar of Companies and Official Receiver, within one month of such establishment.
With regard to the certification of the above documents, experience has shown that the documents must be legalized and “apostilled” in the country of origin. Alternatively, legalization is required both by a notary public and the consul of the Republic of Cyprus in that country.
Branch Documents
As in the case of companies it is advisable that the management of the branch and the overseas company are provided, upon the registration of the branch, with a full set of documents, properly legalized and translated, where appropriate, into English or any other language. In the case of a branch such documents normally comprise:
- Certificate of registration
- The charter of the overseas company or other instrument defining its constitution
- List of directors and secretary of the company, name of at least one person resident in Cyprus authorized to accept on behalf of the company any notices required to be served on the company.
- Any other information and documentation pertaining to the activities of the branch and to the date of its establishment.
Effect of Registration
By registering a Cyprus branch of an overseas company, no new incorporation is effected since there is an already incorporated company abroad which is simply establishing a place of business in Cyprus.
The name of the branch is the same with the name of the overseas company.
Annual Financial Statements
The branch must file with the Registrar of Companies, a certified copy of the balance sheet and profit and loss account of the parent corporation, translated into Greek.3.1 The Law