Cyprus Company Redomiciliation
COMPANY REDOMICILIATION
Through the Company Redomiciliation process a company may shift its domicile from one jurisdiction to another by changing the country under whose laws it is registered, without loosing its corporate identity.
For more information and professional assistance please contact corporate@oxfordcy.com
In practice usually companies redomicile in order to take advantage the tax laws of a more favourable jurisdiction and/or to enter particular capital markets.
The Cyprus Companies Act in 2006 introduced the new legislative regime in respect of company redomiciliation by which:
- Foreign companies, if eligible to do so, can be redomiciled in Cyprus;
- Cypriot registered companies can be redomiciled abroad.
A foreign company which is registered in a jurisdiction which allows redomiciliation and the company’s Memorandum and Articles of Association provide the authority to the Company to redomicile, may apply to the Registrar of Cyprus Companies in order to be registered in Cyprus as a continuing company pursuant to the provisions of the Cyprus Company Law.
In case where a foreign company wishes to enter into an activity where a special license is required under Cyprus legislation (i.e. Financial Services Companies, insurance Companies and Financial Institutions) , then such license must be obtained by the Cyprus relevant authorities. Also the foreign company must produce relevant consent for their re-domiciliation by the respective authorities of their country.
Cases where applications by foreign companies to be re-domiciled in Cyprus are rejected:
- The foreign company has commenced dissolution, liquidation or winding-up proceedings.
- A liquidator, receiver, administrator or similar insolvency practitioner has been appointed over the company or any of its assets.
- There is a court order, judgment or other legal restriction that limits or adversely affects the rights of the company's creditors.
- The company is subject to insolvency, restructuring, enforcement or other legal proceedings under the laws of its jurisdiction that prohibit or restrict its continuation outside that jurisdiction.
- The laws of the company's jurisdiction of incorporation do not permit the company to continue or transfer its registration to another jurisdiction.
For more information about the re-domiciliation procedure of a foreign company to Cyprus or vice versa you may download our Fact Sheet 14 RE-DOMICILIATION OF COMPANIES.