CYPRUS COMPANIES: ANNUAL LEVY FOR 2016
In 2012 the Cyprus Parliament passed a Law regarding the annual levy on Cyprus Companies. Following the provisions of Companies Law (Cap. 113), all companies registered with the Registrar of Companies in Cyprus are obliged to pay an annual levy of €350 in order to be considered in good standing and for their name to be reserved on the register of the Companies Registry.
The amount of €350 must...
REPORTING FORMALITIES FOR SHIPS ARRIVING AND DEPARTING FROM THE REPUBLIC OF CYPRUS
The Department of Merchant Shipping has updated its guidelines to operators of ships calling at ports in the Republic of Cyprus concerning reporting procedures under EU Reporting Formalities Directive and the Reporting Formalities for Ships Arriving-Departing from Ports of the Republic Law of 2012 (148 (I)/2012).
All the necessary information shall be provided online via the SafeSeaNet...
ANTI-PIRACY LAW IN CYPRUS
Cyprus is one of the most important maritime locations in the world. Precisely, Cyprus is the third largest maritime fleet in the EU and the tenth largest fleet in the world. The ideal geographical location of Cyprus between Europe, Asia and Africa and the considerable tax incentives contribute to making the island a market leader in ship management activities. Shipping is one of the most...
LIMASSOL: AN IDEAL LOCATION TO GET MARRIED
Civil marriage in Cyprus is governed by the provisions of Marriage Law (104(I)/2003) and it is under the jurisdiction of municipalities. Specifically, a civil wedding is officiated by the Mayor, or any other member of the municipal council, authorised by the Mayor. Additionally, a wedding ceremony could be performed by an individual authorised by the Minister of Interior for this particular...
CIVIL PARTNERSHIP IN CYPRUS
The civil partnership (Law 184(I)/2015) legitimises the union between two individuals, regardless of gender. In other words, the civil partnership permits same-sex and opposite-sex couples to legitimise their relationship. Therefore, the approval of civil partnership by the National Parliament marks a progress concerning LGBTQI rights and equality in Cyprus.
Following the approval of civil...
CYPRUS: MERGERS AND ACQUISITIONS
The major legislation that regulates mergers and acquisitions in Cyprus is the Companies Law (Cap. 113). In particular, sections 198-202 contain provisions about mergers, reconstruction and amalgamation of companies, and exchange of shares between two or more companies. Other important legislations are the Control of Concentration Between Enterprises Law (22(I)/ 1999) and the Safeguarding and...
COMPETITION LAW IN CYPRUS
The Association Agreement between Cyprus and the European Economic Community entered into force in the late 1980’s. As a result, Cyprus was obliged to establish legislation for the protection of competition and regulate unfair competition practices.
Specifically, the protection against unfair competition is regulated by the following two legislations:
the Protection of Competition Law (207...
SHIPPING: RESTRICTIVE MEASURES IN VIEW OF THE SITUATION IN LIBYA
On the 31st of July 2015 and 18th of January 2016 the EU adopted the following legislative instruments concerning restrictive measures against Libya:
EU Council Decision (CFSP) 2015/1333 of 31st July 2015 repealing EU Council Decision 2011/137/CFSP;
Council Regulation (EU) 2016/44 of 18th January 2016 repealing Regulation (EU) No. 204/2011;
The Circular No. 9/2016 issued by the Department of...