- How do the awards work?
- The Legal 500 United Kingdom Awards 2013
- The Legal 500 United States Awards 2014 - In-house winners
- The Legal 500 United States Awards 2014 - Law firm winners
- The Legal 500 Latin America Awards (coming soon)
- The Legal 500 Germany Awards (coming soon)
- Frequently asked questions
- Legal market overview
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Legal market overview
Cyprus’ legal industry has been hit hard by the country’s financial meltdown. In March 2013, recently elected president Nicos Anastasiades announced an agreement with the EU over the terms of a €10bn bailout, which forced the closure of the island’s second largest bank, Cyprus Popular Bank (also known as Laiki Bank), and the seizure of savings from depositors to recapitalise Bank of Cyprus (the country’s largest commercial bank). Since the bailout, transactions and projects have drastically reduced and many are currently on hold. Furthermore, overseas clients have lost trust in Cyprus, resulting in a drop in foreign investment.
Despite this, Cyprus remains an attractive jurisdiction for international tax structures and deals, mainly because of its wide network of double taxation treaties and comparatively low corporate tax. In addition, the series of recently introduced incentives and exemptions relating to investment in IP rights continues to bear fruit, and the nascent offshore gas industry has presented opportunities for lawyers.
Andreas Neocleous & Co LLC remains the largest law firm in Cyprus, with strength across the board, and has additional offices in Russia, the Czech Republic, the Ukraine, Belgium and Hungary. In terms of size, it is followed by Chrysses Demetriades & Co Law Office, which also provides the full range of corporate, commercial and litigation services, and is renowned for its shipping expertise.
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Corporate governance concerns all types of companies, both private and public. However, this chapter will focus on corporate governance rules, applicable to public limited companies listed on the Cyprus Stock Exchange ("CSE").
Having being a British Colony, Cyprus has adopted the Anglo-Saxon legal system, which is based on the Common Law. One of the English legal doctrines, adopted by Cypriot Courts, is the doctrine of forum non conveniens, which gives them a discretionary power to stay proceedings, brought before Cyprus Courts, in favour of the courts of another jurisdiction, which they consider the more natural forum, for the trial of the action. The legal principles regulating the exercise of such discretionary power were set out by Lord Goff in SPILIADA MARITIME CORPORATION -v- CANSULEX (1987) AC 460 at page 476:
On the 25 July 2011, the European Commission released the proposed European Account Preservation Order (EAPO) Regulation (" the EAPO Regulation "), which has been submitted for consideration by the European Parliament, and the Council of European Union.
It is a fundamental principle of Cyprus Company Law that a limited liability Company has a legal personality and identity which, is separate from its shareholders, or directors, and that it is a separate legal entity, having separate rights and liabilities.
In a recent judgment, a Cypriot 1 st Instance Court, decided in the context of interlocutory proceedings for the issue of interim relief, that arbitration awards, may be enforced in Cyprus, either through the mechanism of the New York Convention, or at Common law by an action based on the arbitral award.
CYPRUS: DO CYPRUS COURTS HAVE JURISDICTION TO ISSUE THE SO CALLED " FREE STANDING INJUNCTIONS " IN AID OF FOREIGN COURT PROCEEDINGS PENDING OUTSIDE EU?
CYPRUS: CORPORATE TAXATION - IMPORTANT PRACTICAL QUIDELINES IN ASCERTAINING THE PLACE OF EFFECTIVE..CYPRUS: CORPORATE TAXATION - IMPORTANT PRACTICAL QUIDELINES IN ASCERTAINING THE PLACE OF EFFECTIVE MANAGEMENT OR PLACE OF MANAGEMENT AND CONTROL OF A CYPRUS COMPANY
APPOINTMENT OF NEW LAWYERS - AWARD FOR ELENI POPHAIDES
APPOINTMENT OF NEW LAWYERS - AWARD FOR ELENI POPHAIDES
We are proud and delighted to announce that STELIOS AMERICANOS & CO LLC is the 2014 Client Choice Winner of Corporate Intl, for Banking & Finance Law Firm of the Year in Cyprus!
Following our 50th Anniversary Celebration, our support to charitable organizations continues.
On 18th October 2013, Patrikios Pavlou & Associates proudly hosted the 50th Anniversary Celebration at the Four Seasons Hotel in Limassol, Cyprus.
Ioanna Solomou, advocate of the firm and Lambros Soteriou, advocate and partner of the firm, prepared a Memorandum regarding the documents that a Cyprus company must maintain. Subject to the Law, limited liability companies are obliged by law to maintain proper books of account in respect of their income, expenses, assets and liabilities. In addition, under section 139 of the Law, and subject to the provisions of the Articles of Association of a company, every company shall cause minutes of all proceedings of general meetings, all proceedings at meetings of its directors and where there are managers, all proceedings at meetings of its managers to be entered in books kept for that purpose.
The Association of International Tax Consultants (AITC) organised a successful event in Malta during September 2013.