Maritime legislation in Cyprus has actually been formed to a sizable extent by international law like multilateral treaties.
As an exception to the above, the businesses Law and appropriate case regulation has adopted some ideas which permit the lifting of the corporate veil of a company and in this sort of situations the shareholders may be held liable.
By complying with these reporting needs, you'll be able to exhibit your business’s financial overall health and bring in potential investors or partners.
a branch of any foreign firm which has been recognized and registered in accordance Together with the provisions of the businesses Law, acquiring its location of business from the Republic.
specifically, and in accordance Together with the categorization proven within the benchmarks, they're applicable to the subsequent classes of vessels:
the Law strengthens the present legal framework in Cyprus governing remuneration stories through the introduction of a binding shareholder vote on remuneration plan as well as a requirement for enhanced disclosure while in the remuneration report.
The information of this short article is intended to provide a common manual to the subject matter. expert information really should be sought regarding your precise situation.
well being and safety obligations in many sorts of pursuits, together with possibility avoidance, data and schooling - Health and safety obligations for Seafarers
One more crucial facet of preserving your Cyprus business is keeping your organization’s registered address up to date. The registered handle may be the Formal address of the business and is also used for all official correspondence.
it's important to discover who the carrier is. The folks who may be liable website beneath a Monthly bill of lading are Those people (either the house owners or even the charterers) with whom the deal of affreightment evidenced is considered to have already been created With all the shippers. To recognize who the carrier is, the court docket will check into both the printed “identification of carrier” clause to the reverse from the bill of lading along with the typed words during the signature box about the front.
All corporations are subject to the disclosure and notification specifications established out in the businesses Law which include the upkeep of registers of shareholders, directors and costs, and also the submission of yearly financial statements and annual returns for the Registrar of businesses.
The covid-19 crisis has resulted during the rapid progression of technologies from the shipping and delivery sector and particularly in Cyprus. To that extent, the SDM, as being the qualified maritime authority designed the top use of the electronic systems.
a partnership that has been established and registered in accordance With all the provisions from the Partnerships and Business Trade regulation, acquiring its area of business while in the Republic and utilizing long-lasting team from the Republic;
Shareholders have the correct to vote on remuneration reviews detailing payments to individual administrators from the previous financial year. SMEs may perhaps keep a discussion rather then a vote at their AGM.