New Ltd company news

Solic


Joined: 23/08/2007
Posts: 5

Message Posted:
23/08/2007 12:05

The government have now released a new law stating that no foreigners can start a new company without a Cypriot partner. This island seems too go back in time like it was 7 years ago instead of forwards. This information comes from a friend that is selling his company and is giving him serious concerns. If anyone has any further info on this subject would be grateful to hear it.

Dalek


Joined: 21/08/2007
Posts: 29

Message Posted:
24/08/2007 08:24

Hi Solic,

I dont think this information can be true, as my friend has just started formalities to set up a company through his solicitor, the amount needed is $100000.00 US dollars, plus some further guarantees of funds locked into a local bank account for the duration of the company's existance, the founding capital can be used once the certificate of incorporation has been presented to the bank, but there is no mention of having to have a Turk/cyp partner

Solic


Joined: 23/08/2007
Posts: 5

Message Posted:
24/08/2007 14:41

Hi Dalek

I know something is in the air at the moment as the accountant of my friend is talking with some officials today so perhaps we will have some more news later. You know this lot one day a change then a cup of coffee in the afternoon then they change it back again, funny really.