BRANCHES (OF OVERSEAS COMPANIES)

(s. 347 of Cap. 113)

This section falls under s.347 of the Companies Law Chapter 113 and provides for the registration in Cyprus of foreign Companies under the legal form of a branch (overseas companies).

Any foreign company may register in Cyprus a branch under Section 347 of the Companies Law Chapter 113.  The procedure followed is identical to that of the United Kingdom.

To register a branch the following documents, duly translated into Greek, are needed:

• A certified copy of the charter, the Memorandum and Articles of Association, or other document proving the constitution of the company.

• Particulars of directors and the secretary of the company.

• Name and address of at least one person resident in Cyprus authorised to receive on the company’s behalf any notices required by law.

The fee payable for the registration of a branch of an overseas company is £300.00.

Branches of overseas companies whose management and control is in Cyprus are taxed at the same rate as the international business companies i.e. 10% on their net profits, whereas if the management and control is not in Cyprus the profits of the branches are exempted from all taxes.  In addition international business branches enjoy all the advantages extended to international business companies.