CYFA Announcement #15/2022 – Law amending the Companies Law 2022 – CYFA engages in consultation with the relevant Authorities

The Association would like to inform its members that the Republic of Cyprus is proceeding through a relevant legislative proposal to amend The Companies Law for harmonisation purposes with Directive (EU) 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law.

In brief, the Directive imposes the obligation on Member States to set out procedures permitting the formation of companies, registration of branches, and filing of documents and information, to be done fully online. Member States should, however, be able to decide to make some or all Online Procedures mandatory.

CYFA further informs its members that the Association is part of the consultation process initiated by the Department of Registrar and Official Receiver and is collaborating with other main industry stakeholders for relevant review of the proposed amendments.

CYFA will continue to update all members of any further developments.