Effective as of 18 December 2018:
(1) The abolition of Capital Duty
The Council of Ministers abolished the obligation to pay capital
duty of 0.6% on the authorized share capital or any increase
thereof. As a result, effective as of 18 December 2018, no capital
duty shall arise (i) on the initial authorized capital at
incorporation of a new company and (ii) on any subsequent increase
of the authorized share capital.
(2) The Secretary of the Company.
S 171 has been amended to explicitly provide that the Cyprus
Company shall have one secretary.
(3) Filing of Pledges over the shares
On the basis of an opinion issued by the General Attorney of the
Republic of Cyprus, the Registrar of Companies shall no longer
accept applications for registration of share pledges. It shall be
noted that the law at present explicitly exempts the registration
over the shares of the Cyprus company and renders such charge/s as
non-registrable charge/s. We are expecting further
