All companies, incorporated outside the Republic of Cyprus, are allowed to establish a branch in Cyprus under the Companies Law Cap. 113. The main characteristic of a branch is that it is not considered as a separate legal entity from the overseas company. The formation of a branch takes approximately four weeks to become finalised and most of the required documents must be submitted in Greek, which is the official language of the Republic of Cyprus.
Under section 347 of the Companies Law, all overseas companies that wish to establish a branch within the Republic must deliver to the Registrar a written report that includes the following details:
Under section 350 of the Companies Law all overseas companies that maintain a branch in the Republic must submit to the Registrar of companies at the end of every financial year copies of:
Furthermore, the overseas company must prepare financial statements and a director’s report for the branch and submit the above-mentioned statements and the directors’ report to an auditor for audit;. However, pursuant to the Directives of the European Union No. 78/660/EEC, 83/349/EEC, 84/253/EEC section 350 can be exempted from these obligations for companies of a member state of the European Union under specific requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought on your specific circumstances. For further information, please contact Christoforos Andreou.