DEBT COLLECTION
Debt Collection Services:
Debt collection refers to the process of pursuing payment from individuals or businesses who owe money to creditors. In Cyprus, the debt collection process is regulated by various laws and regulations, including the Limitation Law and the Consumer Credit Law.
A law firm can play a crucial role in debt collection by providing legal advice and representation to creditors. Our team at Michael Chambers & Co LLC has extensive experience in debt collection and can help our clients navigate the process effectively.
Our Services in Debt Collection:
At Michael Chambers & Co LLC, we offer a range of debt collection services to meet the needs of our clients. Our services include pre-legal debt collection, legal debt collection, and enforcement of court judgments. Our team has expertise in various areas of debt collection, including consumer debt, commercial debt, and overdue rent.
We understand that debt collection can be a complex and stressful process, which is why our team is dedicated to helping our clients achieve the best possible outcome. We work closely with our clients to understand their specific needs and tailor our services accordingly.
Why Choose Michael Chambers & Co LLC for Your Debt Collection Needs:
At Michael Chambers & Co LLC, we are committed to providing our clients with the highest level of service and achieving the best possible outcome in their debt collection cases. Our team has a proven track record of success and a deep understanding of the debt collection process in Cyprus.
Our clients can expect personalized attention, clear communication, and a commitment to their success. We also have a strong network of contacts and resources that we can leverage to achieve the best possible outcome for our clients.
We understand the importance of resolving debt collection cases as quickly and efficiently as possible, which is why we are dedicated to helping our clients achieve their goals. If you are in need of debt collection services, we encourage you to get in touch with us to learn more about how we can help.
FAQs
- TYPES OF CYPRUS COMPANIES
Limited Liability Company (LTD).
Branch of an Existing Foreign Company.
Partnership. - WHAT IS THE APPLICABLE LAW TO A CYPRUS COMPANY?
The Cyprus Companies Law, CAP.113.
- DO I NEED TO VISIT CYPRUS TO REGISTER A COMPANY?
No, it is not required to visit Cyprus in order to register a company. Everything can be arranged online, and we handle the whole procedure.
- HOW DO I SUBMIT CYPRUS COMPANY NAME?
Desirable names are submitted to the Registrar of Companies for approval. It can take between 2-5 working days to obtain name approval. Name applications can be rejected due to similarity with Company names already registered. Company names must end with the suffix LTD or LIMITED.
- HOW LONG DOES IT TAKE TO REGISTER A CYPRUS COMPANY?
After name approval, it usually takes 5-10 working days, depending on the workload of the Cyprus Registrar of Companies.
- ARE CYPRUS SHELF COMPANIES AVAILABLE?
Yes, we do offer pre-registered Cyprus companies. These can be modified in accordance with a client’s preferences.
- IS A REGISTERED COMPANY OFFICE REQUIRED?
It is a requirement of a Cyprus Company to maintain a registered office in Cyprus. A physical address is needed and not a P.O. Box.
- IS A COMPANY SECRETARY REQUIRED?
It is a requirement for the Cyprus Company to appoint a Secretary. This can either be a natural person or a legal entity, preferably a Cyprus resident, but it can be of any nationality.
- IS COMPANY DIRECTOR REQUIRED?
It is a requirement for the Cyprus Company to appoint at least one director. This can either be a natural person or a legal entity. The director must be a resident of Cyprus in order to meet residency criteria for tax purposes.
- IS THERE A MINIMUM AND MAXIMUM ON CYPRUS COMPANY SHAREHOLDERS?
There is a minimum requirement of 1 Shareholder and a maximum of 50. The same person or legal entity can act as Shareholder, Director and Secretary.
- IS THERE A MINIMUM SHARE CAPITAL FOR A CYPRUS COMPANY?
There is no minimum share capital requirement to register a Cyprus company. The usual share capital for practical purposes is 1000 shares of €1 each.
- IS THERE ANY ANTI-MONEY LAUNDERING LEGISLATION IN PLACE?
Yes, as Cyprus is a member of the EU, it has harmonised its legislation with the EU. On 18 February 2021, the Cypriot Parliament approved the Prevention and Suppression of Money Laundering (Amendment) Law 2021, bringing the Cypriot AML regime in line with its EU obligations by implementing the requirements of the EU’s Fifth Money Laundering Directive 2018/843.
- WHAT DETAILS ARE FILED WITH THE REGISTRAR OF COMPANIES AND FOUND ON PUBLIC RECORD?
The Memorandum & Articles of Association, Shareholder, Director, Secretary and Registered Office. The identity of the Beneficial Owner can be protected through the use of Nominees. However, it is now a requirement for companies to submit the UBO details to the Beneficial Owners Register of Companies.
- IS IT A REQUIREMENT TO HAVE A BANK ACCOUNT IN CYPRUS?
Even though there is no requirement for a Cyprus company to maintain a bank account in Cyprus, in cases where the company does have a physical presence and the UBO is located in Cyprus, we do provide bank account opening services with local Cyprus banks. In all other instances, we open accounts with Electronic Money Institutions (EMIs).
- HOW LONG DOES IT TAKE TO OPEN A BANK ACCOUNT?
Depending on the type of bank account, it can take between 7 – 28 working days for the account to be opened.
-
TYPES OF CYPRUS COMPANIES
Limited Liability Company (LTD). Branch of an Existing Foreign Company. Partnership.
-
WHAT IS THE APPLICABLE LAW TO A CYPRUS COMPANY?
The Cyprus Companies Law, CAP.113.
-
DO I NEED TO VISIT CYPRUS TO REGISTER A COMPANY?
No, it is not required to visit Cyprus in order to register a company. Everything can be arranged online, and we handle the whole procedure.
-
CYPRUS COMPANY NAME
Desirable names are submitted to the Registrar of Companies for approval. It can take between 2-5 working days to obtain name approval. Name applications can be rejected due to similarity with Company names already registered. Company names must end with the suffix LTD or LIMITED.
-
HOW LONG DOES IT TAKE TO REGISTER A CYPRUS COMPANY?
After name approval, it usually takes 5-10 working days, depending on the workload of the Cyprus Registrar of Companies.
-
ARE CYPRUS SHELF COMPANIES AVAILABLE?
Yes, we do offer pre-registered Cyprus companies. These can be modified in accordance with a client’s preferences.
-
REGISTERED OFFICE OF THE COMPANY
It is a requirement of a Cyprus Company to maintain a registered office in Cyprus. A physical address is needed and not a P.O. Box.
-
CYPRUS COMPANY SECRETARY
It is a requirement for the Cyprus Company to appoint a Secretary. This can either be a natural person or a legal entity, preferably a Cyprus resident, but it can be of any nationality.
-
CYPRUS COMPANY DIRECTOR
It is a requirement for the Cyprus Company to appoint at least one director. This can either be a natural person or a legal entity. The director must be a resident of Cyprus in order to meet residency criteria for tax purposes.
-
CYPRUS COMPANY SHAREHOLDERS
There is a minimum requirement of 1 Shareholder and a maximum of 50. The same person or legal entity can act as Shareholder, Director and Secretary.
-
SHARE CAPITAL OF A CYPRUS COMPANY
There is no minimum share capital requirement to register a Cyprus company. The usual share capital for practical purposes is 1000 shares of €1 each.
-
IS THERE ANY ANTI-MONEY LAUNDERING LEGISLATION IN PLACE?
Yes, as Cyprus is a member of the EU, it has harmonised its legislation with the EU. On 18 February 2021, the Cypriot Parliament approved the Prevention and Suppression of Money Laundering (Amendment) Law 2021, bringing the Cypriot AML regime in line with its EU obligations by implementing the requirements of the EU’s Fifth Money Laundering Directive 2018/843.
-
WHAT DETAILS ARE FILED WITH THE REGISTRAR OF COMPANIES AND FOUND ON PUBLIC RECORD?
The Memorandum & Articles of Association, Shareholder, Director, Secretary and Registered Office. The identity of the Beneficial Owner can be protected through the use of Nominees. However, it is now a requirement for companies to submit the UBO details to the Beneficial Owners Register of Companies.
-
IS IT A REQUIREMENT TO HAVE A BANK ACCOUNT IN CYPRUS?
Even though there is no requirement for a Cyprus company to maintain a bank account in Cyprus, in cases where the company does have a physical presence and the UBO is located in Cyprus, we do provide bank account opening services with local Cyprus banks. In all other instances, we open accounts with Electronic Money Institutions (EMIs).
-
HOW LONG DOES IT TAKE TO OPEN A BANK ACCOUNT?
Depending on the type of bank account, it can take between 7 – 28 working days for the account to be opened.