News & Highlights
Branch in Cyprus | Financial Statements of Foreign Companies
The Department of the Registrar of Companies and Official Receiver of Cyprus has issued an announcement in order to remind all the concerned parties that according to the Companies Law Ch.113 article 350 all registered foreign companies with a branch in Cyprus are required to submit every financial year the following:
Audited financial statements;
As for the Companies that have been registered in one of the EU member states according to the provisions of the relevant EU DIrectives, they may be (partly) exempt from the aforementioned obligations.
If the foreign company fail to comply with the aforementioned requirement, the Registrar may proceed to the strike-off (deregistration) of the company according to the provisions of the Companies Law of Cyprus [article 327 (6)] .
You can find further information on the involuntary strike-off procedure in our related article.
If on the other hand you own a company in another country and wish to establish a branch in Cyprus, you can get in touch with our corporate lawyers for advice.