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Corporate Compliance Requirements in Cyprus

Corporate Compliance Requirements in Cyprus

Updated on Monday 19th October 2015

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Corporate-Compliance-Requirements-in-CyprusCorporate compliance regulations in Cyprus

Cypriot companies are required to comply with the following legal requirements:

  • -          in taxation matters,
  • -          company management,
  • -          audits,
  • -          anti-money laundering legislation.

In order to make sure both public and private companies in Cyprus meet all these requirements, the Government has introduced them in the Companies Law.

Statutory requirements for companies in Cyprus

Under the corporate compliance regulations imposed by the Cypriot Commercial Law, all companies must keep records on all the minutes of the proceedings and annual general meeting of the company’s shareholders. These minutes will then be kept at the Cypriot registered office of the company. Companies are also required to notify the Cypriot Trade Register about any changes in the company’s corporate body, such as the appointment or removal of directors or secretary and any alterations brought to the share capital.

Tax compliance in Cyprus

All Cypriot companies must pay a tax on their worldwide income. The corporate compliance regulations establish companies must pay a tax on their business profits, interests, royalties, rental of property and any other income derived from business activities. All companies must fill and submit their tax returns for each fiscal year by the 31st of December of the year following the fiscal year. They must also submit a balance sheet, a profit and loss account, an auditor’s report and a report on the Defense Tax. From 2011, all Cypriot sole traders and companies earning more than 70,000 euros per year must also submit a tax confirmation issued by an independent tax advisor or auditor.

Anti-money laundering requirements in Cyprus

Corporate compliance requirements in Cyprus also provision that all companies must respect the Anti-Money Laundering Law which was enabled in 1996. Under this legislation companies, but most of all financial institutions in Cyprus, are required to respect certain administrative requirements and to establish specific regulations. These requirements imply appointing compliance officers, the implementation of customer identification programs, record keeping proceedings and training their staff.

For more information about corporate compliance requirements you can also contact our law firm in Cyprus.

 

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