Specific timeframes regarding Variable Capital Investment Companies ("VCIC")


The Department of Registrar of Companies and Intellectual Property announced on the 25th of November 2021 that the Companies (Amendment) (No.3) Act of 2021 (Ν. 150(Ι)/2021) was published in the Official Gazette. This Amendment Legislation introduced specific provisions regarding Variable Capital Investment Companies (“VCIC”).

According to Article 370 IE par. (2), an existing VCIC that was registered prior the 05th of November 2021 according to the provisions of the Companies Act must, within twelve (12) months from the effective date of the abovementioned Law (N. 150(I)/2021), submit to the Registrar of Companies a special resolution together with the amended Memorandum and Articles of Association. As the adjustment period is ceasing, existing VCIC are reminded to proceed with the relevant actions as per the provisions of Article 370 IE.

Pursuant to Article 370 Θ (2), each company that has amended the terms of its Memorandum in relation to its share capital, so as to become a Variable Capital Investment Company, must within one (1) month from the said amendment, submit to the Registrar of Companies the relevant ordinary resolution, together with form HE16 and, if they so wish, the amended Memorandum presenting the new share structure of the Company.

The content of this press release 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 Stephanos Ayiomamitis at +357 25 363685 or via email at Stephanos.ayiomamitis@kyprianou.com