Apr 18, 2023
Update of Cyprus Companies Law Cap.113
Following the announcement included in Cyprus Recovery and Resilience Plan, and approved by the Council of Ministers, the Ministry of Finance of the Republic of Cyprus has launched a tender with an estimated value of €2M to acquire services for preparation of a modernized bill and reform of the outdated Cyprus Companies Law (Cap. 113), with the aim of improving business and the competitiveness of the local economy.
As stated in the announcement, the purpose of the reform initiative is to improve business and the competitiveness of the economy, through the modernization of the Companies Law (Cap. 113) in accordance with the international best practices in the field of company law. As the current legal framework is based on the English Company Law of 1948, it must be updated and adapted to the modern needs of the business environment, as well as to the domestic and international legal requirements.
The initiative is the result of the joint efforts of governmental and semigovernmental institutions, as well as private organizations, including the Ministry of Energy, Commerce and Industry, the Department of Registrar of Companies and Official Receiver, the Law Office of the Republic, the Office of the Law Commissioner, the Institute of Certified Public Accountants of Cyprus (ICPAC), and the Cyprus Bar Association.
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