Cyprus Amendments to the Companies Law

Introduction of New Provisions for Registers

On the 26^th of July 2024, the Official Gazette of the Republic of Cyprus published the new Companies (Amendment) (No.4) Law 101(I) of 2024. This law introduces significant changes to the basic Companies Law, with the main amendments as follows:

Amendment to Article 365H

A new paragraph (f) has been added to detail the procedures and timeframes in relation to the provisions of Article 365Ι. This paragraph ensures that any process involving company records follows clear guidelines and specified timeframes.

Introduction of New Article 365Ι

The purpose of the new Article is to give the Registrar of Companies the authority to ensure that the information in the company registers is accurate, up-to-date and correct. Specifically:

1. The Registrar of Companies is empowered to correct, delete, or add information in the registers to ensure that they contain accurate and updated information and such information is considered valid and in force.
2. For the purpose of the above paragraph, the Registrar collects and processes information through the government information repository or other competent authorities in the Republic, in compliance with the General Data Protection Regulation (EU) 2016/679.
3. Corrections, deletions, or additions cannot be made unless a 30-day prior notice is given to the affected legal entity or organization.
4. Affected entities can file a notice of objection within 30 days from the date of the notice, stating the reasons and attaching relevant documents.
5. As soon as the objection will be received, the Registrar will examine the objection and issue a decision within 30 days.
6. In cases of incorrect or incomplete information due to oversight or error by the responsible officer, the Registrar can approve corrections without following the above-mentioned procedure.
7. The Registrar can also periodically request entities to confirm, correct, delete, or add information, either by mail or electronically, and these actions must be completed within a specified timeframe.
8. The Registrar of Companies shall confirm, correct, complete, add and/or update the information that the legal entities or organizations communicate to him without the need to present the form specified for each relevant change.

Amendment to Article 387A

The amended allows the Minister to issue orders determining and regulating the types of forms, certificates, and certifications used for any matter under the Companies Laws. The Minister also has the authority to amend any appendices related to these forms and certifications to ensure they meet current requirements.

These amendments are designed to improve the management and accuracy of company information in Cyprus. By giving the Registrar of Companies enhanced powers and clarifying procedures, the law aims to maintain accurate and reliable registers, which is essential for the integrity of the business movement.

For any further guidance regarding this procedure or if you require an initial consultation, please do not hesitate to contact our Law Firm at [email protected], +357 22 251 777 or +357 25 261 777 or please visit our office in Nicosia or Limassol.