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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.
The following documents must be provided in arrival state:
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.
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.
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.
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:
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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