English Articles

Michalaki Pitsillidou Rozen Law Firm > English Articles (Page 12)

Whats is needed for the formation of a Cyprus Company

WHAT IS NEEDED FOR THE FORMATION OF A CYPRUS COMPANY NAMING YOUR COMPANY You must choose a company name.  Change of name at any time is allowed. INCORPORATION Incorporation normally takes seven to ten working days from the time that the necessary documentation is presented to the Cyprus' Registrar of Companies. AUTHORISED SHARE CAPITAL No legal requirements as to the minimum and maximum authorized share capital.   It is recommended that the authorized share capital is at least € 1.000 divided into 1.000 shares of € 1:- each. The share capital of a company can be increased and decreased at any time. SHARES AND SHAREHOLDERS Under Cypriot law even...

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Investing in Forex

Investing in overseas currencies is a noticeably new street of making an investment. There are appreciably fewer people are aware about this market than there are human beings aware about several other avenues of making an investment. Buying and selling foreign money, also called forex, is the most rewarding funding market that exists. There are numerous elements that make this genuine among which, a hit foreign exchange traders earn realistic income of one hundred plus percent each month. in comparison to a number of the better known funding markets together with corporate stocks, that is an remarkable go back on...

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Obtain a Forex licence in Cyprus

Obtain a Forex license in Cyprus- Cysec   The Law 144(I)/2007, provides the provision of Investment Services, the exercise of Investment activities, the operation of regulated Markets and other related Markets. “Investment Firm” or "IF" means a person that operates under an authorization granted by the Cysec, (the authority) and provides one or more investment services to third parties or/and performs one or more investment activities on a professional basis, and includes a CIF. Conditions for granting a CIF Authorization   Prior authorization by the Cysec The Commission shall not grant a CIF authorization if it is not fully satisfied that the company that...

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Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec

Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec Foreign exchange fraudis any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Frauds might includechurningof customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits,false advertising etc. CY SEC The Cyprus Securities and Exchange Commission  (CySEC) provides public access to information regarding the process for how to obtain a CIF authorization as well as listed the current and past CySEC authorized companies. List of current 'Cyprus Investment Firms' (CIFs) List...

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Termination of a Contract

Termination of a Contract Following are some cases where a contract can be terminated: 1.A contract becomes terminated through performance  where both parties have fully performed their contractual obligations. If one party does not fully perform the contract this will amount to a breach of contract and the other party may have a claim for damages unless the contract has been frustrated. If the non-performance amounts to a repudiatory breach (breach of condition) the other party will be released from their obligations. Where a contract is one where the price is payable on completion, then completion is generally required in order to terminate the contract. This is often expressed...

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When a Landlord can recover possession on a leased property in Cyprus according to the Rent Control Act 23/1983

When a Landlord can recover possession on a leased property in Cyprus Rent Control Act  23/1983 In Cyprus a tenant is well protected by the Rent Control Act and is very difficult to be evicted from the leased property except in cases provided by the Rent Control Act  L23/1983. According to the Local Plans in the major cities there are areas that fall within this act and are called ‘Rent Control Act areas’. If a property does not fall within these areas then if a rent dispute arises it will be appointed to a Municipal Court and not in the Rental Control...

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Additional requirements for Cyprus Investment Firms by Cysec

Cyprus real estate lawyers

Additional requirements for Cyprus Investment Firms by Cysec According to Cysec instructions published on the 2nd of September 2015, CIFs must notify all the addresses of their websites, through which they provide investment services, to CySEC. According to the Investment Services and Activities and Regulated Markets Law of 2007, CIF is required to state on its documents/ publications/ announcements the following: The number of its authorization, and the fact that it is supervised by the Cysec. A CIF has to have a website, the address of which it shall notify to the Commission, and where the number and content of its authorization...

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Adoption under Cypriot Law

Adoption under Cypriot Law: The governing authority on matters of adoption in Cyprus is the Cypriot Adoption Authority found under the umbrella o the Social Welfare Services of the Ministry of Labor and Social Insurance. According to legislation, the Social Welfare Services aim to safeguard the best interests and rights of children, before and after the adoption takes place. The Social Welfare Services΄ main responsibilities during the adoption process are: To investigate whether an individual or a family are eligible to become adoptive parents. To safeguard the best interests of children as soon as the application for adoption is submitted to the...

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Cypriot Family Law – Divorce

Cypriot Family Law – Divorce The Cypriot family law finds its roots in the Greek family law system. Cypriot family, have over the years created their own jurisprudence and one can say that Cyprus now has an autonomous system of Cypriot family law. The appropriate court for disputes governed over the family law jurisdiction such as divorce, separation from bed and board, the cohabitation of spouses, issues relating to the children or matrimonial relations, is the family court. It is also important to note that there is in existence a family division of the Cypriot Supreme Court. However, Family Courts are not...

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Communication Rights (visitation – child custody) in Cyprus Family Law

Communication Rights (visitation – child custody) in Cyprus Family Law: Cypriot family law recognises that it's for the best interests of a child to keep in touch with both parents. The court may assign parental custody to one parent or to both if they agree as to the place of residence of the child. Furthermore, the Court may allocate parental custody between the parents or may assign it to a guardian. In cases where custody is allocated to only one parent, the parent with whom the child doesn't live has the right to personal communication with the child. The exercise of...

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