Company Law Amendments
Modernisation of the DRCOR
Hadjianastassiou, Ioannides LLC, member of the Deloitte Legal network, was engaged back in 2015 by the European Commission to consolidate and redesign the statutory forms of the Companies Section of the Registrar of Companies and Official Receiver (DRCOR) and provide legal advice in matters of company law and drafting of laws and regulations.
Since then, the firm has worked closely with the Support Committee for the Modernisation of the DRCOR (Ministry of Energy, Trade, Industry and Tourism, Unit for Administrative Reform), in designing the new forms, drafting all necessary legislative instruments, participating in the public consultation process and in the legislative approval process.
We are very pleased and proud to announce that the legislation prepared in the course of this project has been finally enacted on 18 December 2018, following its publication in the Official Gazette of the Republic. In particular, the following laws and regulations have been adopted:
- Companies (Amending) Law (No.3) of 2018
- Partnerships and Trade Names (Amending) Law of 2018
- Companies (Amending) Regulations of 2018
- Companies (Fees and Rights) (Amending) Regulations of 2018
- Partnerships and Trade Names (Amending) Regulations of 2018
- Transfer of Registered Office of Companies in and out of the Republic (Amending) Regulations of 2018
- European Public Limited Liability Company (SE) (Amending) Regulations of 2018
The publications are available (in Greek) through the following links:
Under the provisions of the new legislation, the statutory forms designed by our firm will gradually replace the current forms. The new forms were designed to be modern, clear, and precise and enhance the user experience by providing detailed explanatory notes for their completion and filing.
Another notable development of the new legislation is the removal of the 0.6% capital tax on a company’s capital (both at incorporation and increase), which substantially reduces the cost of doing business in Cyprus.