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The DRCOR and the UK Companies House: Functions and e-services available for meeting institutional needs and legal responsibilities during these unprecedented times

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Recently, the Department of the Registrar of Companies and Official Receiver of the Republic of Cyprus (DRCOR) announced that online visitors can refer to its new website to meet their institutional needs with ease. The DRCOR is responsible, among other things, for keeping the register of companies and partnerships, business names, patents and trademarks and industrial designs in its records. DRCOR deals with the registration, follow-up, control and striking-off of companies and partnerships and is the equivalent of the Companies House website in the United Kingdom. The following article provides a guidance for the easy use of the DRCOR website.

The new website provides detailed guidance to new entrepreneurs from the early stage of deciding to incorporate a company and choosing the company’s name and how this name will be examined for eligibility, to all the required documentation from the stage of incorporation and up to the dissolution of a company. This is to ensure that every new entrepreneur in Cyprus acknowledges his responsibilities and the company’s duties to make returns to the registrar and understands the business life cycle. Furthermore, step-to-step guidance is freely available for every step or action a visitor decides to take in relation to his business.

Electronic research in the register of business entities is as easy as typing the name of the company or partnership into the Government Gateway Portal (Ariadni).A visitor will immediately have free available information in relation to the date of incorporation, the registered office, the officers and shareholders of the legal entity, any outstanding documents as well as the company’s status. The essential documents of the company are disclosed to third parties in order to ascertain the information concerning the legal entity as required by article 3 of the European Directive 2009/101/EC. Additional information submitted to the registrar from the incorporation date until the date the research is made, is available after the payment of €10 through the Efiling Basket. In relation to the reliability of documents or information available on the register, authenticity of origin and integrity of content is preserved as required by article 3(4) of the European Directive 2009/101/EC.

In addition, the platform contains:

  • An information base on the applicable company law provisions;
  • The Cyprus Government Gazette which provides information on dissolved companies; and
  • Statistics, news and events.

Of course, the platform provides the ability of Web filing which, in these unprecedented times, is useful for every entrepreneur out there wishing to operate his company as normal. People can also find the fees applicable to each application form for submission.

In the UK, the Companies House has taken measures to help businesses maintain their operations during the Covid-19 outbreak. For example, companies are now able to apply for an additional three-month extension to file their accounts to file their accounts or request an extension of time to submit their confirmation statements. In Cyprus, businesses are given additional support to help them meet their legal responsibilities during these unprecedented times by extending the period to submit their annual reports without the imposition of the fixed fee of €20.

All in all, the DRCOR has nothing to be jealous of the UK Companies House, given the recent updates on its online platforms and the measures taken to assist and support companies affected by the coronavirus outbreak.

The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided.

For further information or advice, please contact Christia Christofi, Associate by calling at +44 20 385 75478 or via email at Christia.Christofi@kyprianou.com