It is possible to open a branch of a foreign company in Cyprus. Documentation requirements are as follows, within the first month of establishment, the entity must submit a Memorandum and Articles of Association (certified copy in Greek), an authorised list of directors including the secretary, and the communications representative of the company who must be residing in Cyprus. There are many foreign companies operating in Cyprus. As such, they need to follow certain rules and regulations. These regulations fall under the heads of company law.
Branches of foreign companies in Cyprus must submit annual financial statements (with certified copies in Greek). Although these companies might be only branches of companies originating from some other country, the transactions these companies do in Cyprus are to be recorded for taxation and other purposes. As a result, it is important that these companies submit their financial statement for the branches which are operating within Cyprus.
A notable one is that foreign companies must submit the financial statements that the companies presented at that corporations most recent annual general meeting. Other documentation that is required are the following:
- A written report that includes the name of the overseas company with branch details. Additionally, the head office address and the regular place of business need to be included in this report.
- The purpose and objectives of the overseas company are also to be included in the report.
- The certificate of incorporation of the company with the memorandum and articles of the company.
- Names of all directors and those with significant control.
- The name and address of the person residing in Cyprus who has the authority to accept any documents on behalf of the company.
Moreover, the financial statements must be of a standard that is required by law in the nation where the company was incorporated. Where companies already submit an audited financial statement in their settings of incorporation within the EU, those entities are exempt from submitting financial statements at the branch level.