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.

You can also see other offers in category ready-made companiesbanks for sale and licenses for sale.

You could be interested

Kazakhstan Financial Licenses & Company Setups

In today’s ever-evolving fiscal landscape, Kazakhstan has emerged as a promising place for persons and businesses seeking financial licenses and company setups. With its favorable regulations and forward-thinking manner, Kazakhstan offers an affordable and flexible solution for a variety of money services, including FOREX/brokerage, payment processing, and crypto services. This article explores the benefits of...

ICO license on Gibraltar

If your cryptocurrency project has interesting content with a transparent and understandable system of work, you are aiming to work for a long time, and then our company Eternity Law International recommends opening your company in Gibraltar. Here you will get full assistance from the regulator and some advantages in the work: ·       transparency of...

CIF MarketMaker for sale

CIF MarketMaker for sale! -30% off! CIF MarketMaker for sale. Such a great opportunity to obtain a ready-made operational MarketMaker within 1 month company transfer term! ICF Contribution 58,900 Euro Monthly Expenses (including salaries) 40,000 Euro Cysec Fees Will be provided later License MarketMaker share capital 730, 000 Euro Asking price: 200, 000 Euro For...

Electronic money license in UK

UK is a fairly popular country for business-persons intending to bring their business to the global level. Launching a company in this commercial space has plenty of prospects and benefits for a businessman. Both novice business-persons and experienced capital owners intending to work in e-money choose the UK, since such permission is recognized in most...

Formation of the bank in Montenegro

In accordance with World Bank Doing Business report, Montenegro’s rank is 42th of 190 jurisdictions in condition of ease of conducting business. Foreign investors in Montenegro have the same status as national individuals, moreover Montenegro attracts investors with pleasing taxation system. Also, Montenegro has a wide market of high-qualified employees, stable democratic policy. The formation...

Supporting the Regulatory Process for Acquiring a Small Payment Institution License in Poland

The financial arena stands as an ever-evolving, complex battleground, replete with both avenues for prosperity and formidable obstacles for those daring to venture into the realm of financial services. In the intricate mosaic of European financial markets, Poland emerges as an alluring beacon of opportunity for those intent on establishing their presence in this dynamic...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7