Create a Foundation in Cyprus
Create a Foundation in CyprusUpdated on Thursday 30th November 2017
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Foreign entrepreneurs looking to set up a foundation in Cyprus have to get familiarized with the specific legislation for this type of organizations in the country. Foundations in the island are regulated by the Societies and Foundations Laws 1972 and 1997. In this article, our lawyers in Cyprus explain a few aspects related to creating a Cypriot foundation.
Requirements for setting up a foundation in Cyprus
Under the legal definition of the Foundation, its assets have to be entirely dedicated to a certain purpose. The local legislation requires for at least one member and there is no minimum amount of funds to be gathered in order to create such an organization.
All foundations in Cyprus are registered with the Ministry of Interior. Our attorneys in Cyprus can assist you if you wish to create such an organization in this country.
The application to this ministry in order to create a foundation in Cyprus has to include:
• A founding act;
• The addresses and names of the administration members;
• The foundation name;
• The headquarters address of the organization;
• The foundation emblem, if applicable;
• Other documents. We can provide you with more information on what these documents consist of.
Registration of a foundation in Cyprus
According to the above-mentioned law, a foundation is established after registering its incorporation act with the Registrar in the Register of Institutions.
The Registrar, if the object of the foundation is legal, will start the registration procedure in the Registrar and issue a certificate of registration.
The issued certificate will be published in the official Gazette of Cyprus and constitutes the official proof of the registration date and of compliance with the legal criteria.
After the certificate has been issued, the foundation will be incorporated. Our lawyers in Cyprus can provide further information on the following registration procedures of foundations here.
If you would like to open a foundation in Cyprus, or to set up any type of legal entity on the island, we kindly invite you to get in touch with our Cypriot law firm.