New eligibility criteria of foreign interest companies

On November 30th 2022, the Council of Ministers approved the Amendment of the Policy for the Registration of Companies in the Register of Foreign Interest Entities.

The Decision has introduced the financial criterion of a company’s obligation to prove an initial investment in the Republic of Cyprus of at least €200.000, which should be proven by presenting the relevant bank swift confirmation. The Decision entered into force on December 12th 2022.

Specifically, as from December 12th 2022 and onwards, every company which is interested to be registered under the Register of Companies of Foreign interests (i.e. the majority of shares (>50%) are ultimately owned by foreign nationals) in order to become eligible to employ inter alia foreign nationals, the ultimate beneficial owner of the company is obliged to make an investment of at least €200.000 in the share capital of the company. The said investment amount must be legally admitted in the Republic of Cyprus from abroad and the funds in the corporate bank account of the company must be used solely for the business activities of the company.

HOW CAN BYBLOSERVE MANAGEMENT LIMITED ASSIST YOU?
BYBLOSERVE MANAGEMENT LIMITED has over the years assembled a team of professionals who may advise and guide you through the entire procedure for the successful registration of a company of foreign interests to the Business Facilitation Unit for the purpose of employing foreign nationals in the Republic of Cyprus. Our local knowledge, professional expertise and familiarization with local practices are at your disposal.

DISCLAIMER: The information contained herein is provided for general information purposes only and does not constitute and neither shall be construed as legal or other professional advice. Neither Bybloserve Management Limited nor any of its employees accept any liability for any loss arising from relying on the information contained herein.
 

How can we assist you?


Andriana Efstathiou
Partner
Advocate - Legal Consultant

LLB, LLM in Commercial Law
Cyprus Bar Association
+357 24812026
Pantelitsa Michael
Senior
Advocate - Legal Consultant

LLB
Cyprus Bar Association
+357 24812028
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