What is the Cyprus Company Register : The Cyprus Company Register is kept by the Company Registrar at the Cyprus Companies House according to the Provisions of the Company Law Cap. 113. It is the central Cyprus Company Register for all the companies incorporated in Cyprus. Until recently the files of the companies were kept in hard form. Now all the files are scanned and kept in digital form. This way anyone can search a company file through the internet by opening and maintaining an account with the Registrar of companies and paying the required fee. In the company`s file you can find information about the past and present directors and their address and other details. Also in the Cyprus Company Register you will find full details for the shareholders and the secretary. Other information to be found in the Cyprus Company Register includes the capital and the types of shares, financial statements of the company for every year, real estate it owns, mortgages, bonds, debentures, shareholding in other companies locally or abroad and much more. You may not make copies of all this but you can inspect and keep notes. In the Cyprus Company Register the Registrar also notes any changes made by the company such as a change of name, capital, directors, shareholding, secretaries, loans, mortgages and much more. Everything in the Cyprus Company Register, is open to inspection by the public for their protection in doing business with the particular company and their owners or directors. So after the Cyprus Company Registration, the Cyprus Company Registrar opens a file in the Cyprus Companies House. In that file the owners of the company are responsible by the Cyprus Company Law to file all the actions, deals, purchases, sales, loans, increase or decrease of capital and generally everything about the company. If the company owners default in these responsibilities stiff fines or even imprisonment are enacted by the Law.
Cyprus Company Register : It Does Not Disclose the Real Owners if There are Nominees
The identity of the Real Owners of the company however are not revealed. There is no law by which the Nominee Director or Shareholder must reveal such details to the Registrar of Companies. So the confidentiality of the name and identity of the foreign investor is guaranteed! This is very important to some investors who need anonymity since it is otherwise possible for anyone from any corner of the planet to go into the Cyprus Company Register and search the file of any company. Thus he will see the name, address , profession and other details of the Nominee Director or Shareholder. The Real Owner will not appear. His private contact details, passport number, residential address and other sensitive details will remain secret to the prying private, tax, police or other eyes!
When Is A Company Removed From The Register?
The Company Registrar every year checks the files of all companies whose name appear in the Cyprus Company Register to find out if they are observing the laws as to compliance in filing the documents required, or paid the necessary dues or charges. All companies in the Cyprus Company Register can be removed for various reasons from the register. A company can only be removed from the Cyprus Company Register after its formation process is completed. Before the company formation process is over the company can only be removed or its formation frozen on an order of the court obtained by any official body or private applicant for any reason.
For non-payment of the yearly renewal fee. This fee or tax is €350 if paid in the time 1.e. by 30th of June. After that a fine of 10% is imposed if paid until 31st of August and after that another 30% fine is added to that to make it €490. If this is not paid the Registrar will remove the company from the register. An application to re-instate the Company back on the Cyprus Company Register is possible. The Registrar will also check once a year if the company has filed the HE32 form by which the latest picture regarding the officials of the company is conveyed. The Directors, the Shareholders, the Secretaries, the Registered Office and any other information is given by HE32. If it is not filed then the Registrar will also remove the company from the register.
Another cause for which the Registrar will remove a company from the Cyprus Company Register is the Resignation of all the Directors. By the Company Law a Cyprus Company must have at least one Director. Such resignation can be notified to the Registrar by a Letter of Resignation. A Director cannot be forced to continue in office against his will. The resignation as above of the Secretary of a company can lead to its removal from the Company Register if another one is not appointed in his place. According to the law at least one Secretary is necessary for each company. A company is removed from the company register if it goes into liquidation. Liquidation can be one of two kinds. Voluntary liquidation requested by its members (Shareholders) or Creditors Liquidation requested by the creditors due to debts.