There are 10 simple steps that can be done for Cyprus Company Redomiciliation.
- The existing jurisdiction of the Company must allow re-domiciliation outwards.
- The Memorandum and Articles of Association of the Company must allow re-domiciliation.
- Certificate/notification of intent to transfer the domicile signed received by the outgoing jurisdiction’s Companies House must be obtained.
- The Cyprus Companies House requests some duly apostille documents to be submitted.
- Three affidavits (solvency, criminal procedures and stakeholders consent) which can either be signed by the authorized person in Cyprus or the existing Directors, however, it is advisable to be signed by the existing Directors.
- New Mergers And Acquisitions (M&A) as per Cyprus Companies Law.
- Once the above are obtained in apostille they are submitted to the Registrar of Companies in Cyprus duly translated in Greek.
- The Registrar of Companies in Cyprus then issues a “Temporary Certificate of Continuation” valid for 6 months.
- Whithin 6 Months Company Shall Notify the Companies House of the pre-redomiciliation jurisdiction that the domicile of the Company has now been changed.
- Issue of the Permanent/Final Certificate of Continuation.
- Legal system based on the English Common Law system
- Corporation tax at only 12.5%
- Profits generated from transactions in shares, bonds and other qualifying securities are exempt
- Exemption from dividends paid by a foreign subsidiary to a Cyprus HOLDING Company
- Exemption on capital gains realized from sales of non-Cyprus assets (i.e. real estate, foreign share capital)
- No withholding taxes on dividend distribution to foreign non-resident shareholders (Company or individual)
- Tax losses are carried forward for 5 years
- Easy and straight forward Company re-domiciliation rules in Cyprus
- Ability to chose exactly the same (if available) or completely different name.
- Ability to continue the Company’s pre-relocation business as if its jurisdiction has never changed
- No stamp duty at Companies House irrespective of number and value of shares as opposed to incorporating a brand new Company where the stamp duty is 0.6% of the nominal value of shares issued.
- Special purpose vehicles (SPVs) holding property directly will need nothing more than the certificate of continuation to inform local authorities of change of jurisdiction
- Prestigious location as opposed to other off-shore jurisdictions
When is my foreign Company considered Cyprus Company?
The moment that the “Temporary Certificate of Continuation” is issued the Cyprus Company can start trading.
Can I keep the same name?
The answer is Yes, subject to availability.
Will the Company after re-domiciliation have new Memorandum and Articles (M&A)?
Yes the M&A of the new Cyprus Company should comply with the Cyprus Companies Law Cap 113
Will the Company after re-domiciliation have new Directors and Shareholders?
Yes as with any other Cyprus Company the re-domiciled Company should have local Director, Secretary and Registered office. The Shareholder of the Company can remain the same.