Any offshore company, regardless of the country of its registration, may be faced with the need to change jurisdiction. But at the same time, it is imperative to preserve legal identity. To this end, the Government of Cyprus has provided for the procedure for redomiciliation of companies to and from Cyprus.
Redomiciliation to Cyprus
- A foreign company submits a relevant application to the Register of Cypriot companies. The application indicates the current name of the company or the proposed new name. Important! Company names must comply with the terms of the Registrar of Enterprises.
- Corporate documents should contain information about past jurisdiction, shareholders, management personnel, secretary (if this position is available). Also in the documents should indicate the business objects of the enterprise, as well as evidence of the high position of the company in the previous country.
Redomiciliation from Cyprus
A company with registration in Cyprus must obtain the necessary permission from the registrar of enterprises for re-registration in Cyprus. After that, the firm gets the right to carry out its activities under another jurisdiction. The only condition is that such a change of jurisdiction must be allowed by the laws of the country of initial registration (i.e. Cyprus), as well as the constituent contract of a company registered in Cyprus.
The procedure of redomiciliation contains a large number of nuances, the ignorance of which can significantly complicate the process of change of jurisdiction. Therefore, the assistance of a qualified lawyer is not only important, but also vital in this case.
For more information on all aspects of redomiciliation of companies to and from Cyprus, please contact us at the contacts listed on the site.