Newsletter December 2012

A new Law governing the provision of corporate, trust and fiduciary services in Cyprus voted by Parliament on the 12th December 2012

The Law with the title “The Regulation of Undertakings Providing Administrative Services to Private Companies and Related Matters Law of 2012”, also known as Fiduciary Law was voted by the Cyprus Parliament.

What you need to know when you issue and allot of shares of a cyprus company

In order to issue and allot shares in a Cyprus company, the following procedures must be followed:

If the authorised capital of the Company is not sufficient to enable the allotment of the number of shares required, the first step is to increase the authorised share capital so as to be equal to the number of the shares to be issued. The increase of the authorised share capital is effected by an Ordinary Resolution of the General Meeting of the shareholders. 

Newsletter November 2012

Cyprus Removed from Russian Black List

On 1^st January 2013 Cyprus shall be removed from the Russian black list. This removal has been one of the changes that were brought about by the Protocol to the Double Tax Treaty signed between Russia and Cyprus on 7^th October 20120.

What you need to know when you transfer shares of a cyprus company

The following procedure outlines the stages required for the completion for the transfer of shares of a Cyprus company:

An Instrument of Transfer is duly executed in accordance with the provisions of the Companies Law, Cap.113 (‘’the Law’’) and the Articles of Association of the Company.

Newsletter October 2012

The ‘Limassol Declaration’ on the Integrated Maritime Policy of the European Union

EU Ministers responsible for maritime affairs agreed and adopted on the 8^th of October 2012 a political declaration which looks to re-energise the EU’s Integrated Maritime Policy (IMP), five years after its initial launching in Lisbon. The Limassol Declaration is expected to provide guidelines for a comprehensive approach to the maximum sustainable exploitation of the EU’s seas and oceans for achieving economic growth.

Director’s authority to bind the company

In general practice the Directors have authority to bind the Company. Even if a particular person does not have actual authority to bind the Company with respect to a particular transaction, if he/she had apparent authority to do so, the Company is still bound. This person who does not have the actual authority will be liable to the Company for acting in excess of his/her authorities.