Eternity Law International — News — Foreign Enterprises Redomiciliation on Cyprus

Foreign Enterprises Redomiciliation on Cyprus

Published:
July 6, 2022

When enterprise changes its location, it’s known as redomiciliation of companies. Organization changes its official place according to Law norms, while maintaining its status.

Under Law, foreign enterprises can move to some state without ceasing to operate in jurisdiction where they were originally approved. When the redomiciliation occurs, the enterprise will have to use the tax regime that is set within original space.

What are company redomicile advantages to Cypriote state?

  1. A redomiciliated organization has all abilities of an IBC firm registered in this area.
  2. Non-resident firms should not pay taxes on profits received outside the state.
  3. IBCs are fully tax-exempt – ideal for trading or holding.
  4. Data of owners and shareholders are not disclosed in open sources.
  5. The firm exists legally from moment it was originally registered.
  6. All legally certified contracts of enterprise remain valid.

Requirements to Redomicile

  1. Leaving organization must update its records.
  2. There should be no courts organization is involved to.
  3. Enterprise gets from current authority and submits documentation, particularly, consent to redomicile.
  4. Firm possesses a fresh certificate of good condition.

The following documents must be provided in arrival state:

  • certificates approved by memorandum for permission on resettlement professional perfectness;
  • registration certificate;
  • register of heads and shareholders.

Main points

Organization sends request to Firms Register for “moving” – it’s together with certified memorandum and association articles and certificates of good condition.

If registering body is satisfied with demands have been met, enterprise’s registration will be confirmed. Organization is assigned appropriate number and released Certificate of continuation of activity, which proves the possibility of the company’s work.

Continuation of activity of the redomiciliated company

When moving, the company changes only the state, it won’t be mandatory to establish separate new sub-divisions. Enterprise denomination and date it was established remain. Simultaneously, company is deleted from the original country of registrar, but it continues to work, the property remains in place. The firm is still responsible for its debts and fulfills its obligations.

  1. For shareholders there are no requirements for the amount of the authorized capital.
  2. The director must be 1 person, nationality does not matter.
  3. A shareholder is also needed in a single person.
  4. There’s no difference in what currency shares exist.
  5. No accounts submission to open register.
  6. No taxes.
  7. Only the Memorandum and Articles of Association should be publicly accessible.
  8. Owners and shareholders information isn’t published openly.

Redomicile allows enterprises not passing in annihilation by getting personal assets for implementation of destination state norms. Eternity Law accompanies deals at all stages of the business registration process.

So, why to redomicile company? Moving to Cyprus, the company has the right to retain its former legal status, reputation and history of work. This makes it possible for firms operating at maximum risk and high taxes to move to Cyprus without vending their own assets and without changing their denomination.

How to redomicile company to Cyprus implement itself? Temporary approbation

Firms operating under a license, in accordance with certain provisions of law base in jurisdiction and for which similar licenses are needed in Cyprus, must have a document confirming the consent of their redomiciliation from authorized state unit.

Upon receipt of a temporary document on the continuation of operations, a foreign enterprise:

  • is a legal union properly registered meeting Cyprus Laws;
  • possesses similar duties and powers as permanently registered organization under Cyprus Laws;
  • documentations being amended is firm’s Statute.

Сompany must prove to registration representatives it has been struck off the register in the country where it was originally registered in order to obtain a permanent certificate.

Please contact us to get more information.

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