As a result of OECD and other EU regulations, offshore companies have recently showed increased interest in using onshore structures and redomiciliation of their offshore companies to onshore jurisdictions such as Cyprus.
Offshore companies are able to redomicile to another jurisdiction provided that both jurisdictions recognize and allow change of domicile. Such rules are usually outlined in the company laws of each country. If you wish to check a particular jurisdiction's rules regarding redomiciliation, please check the key corporate features under our jurisdictions tab.
An offshore company that redomiciles to Cyprus will continue its operations under Cyprus Law, and therefore be able to benefit from Cyprus' favourable tax regime and all the incentives that the jurisdiction has to offer.
The offshore company will be required to appoint a local provider that will undertake the redomiciliation process. Under Cyprus company law, the company will be registered at the Registrar of Companies as a 'continuing company'. Following the submission of required documentation, a temporary certificate is issued by the Registrar. The company must then, within six months, present the registrar with evidence of no longer being registered within the jurisdiction of its incorporation so that they are able to receive a Certificate of continuation confirming the status of the company as registered in Cyprus. The procedure is very straightforward and documents required include the below:
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Memorandum and articles of association of the company (that includes the possibility of redomiciliation)
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Certificate of Good Standing
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Affidavit confirmation by the director of the company that the current jurisdiction has been notified about the change of jurisdiction
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List of company's current members and directors
It is important to mention that in cases where an offshore company carries our activities requiring a licence, it must gain approval from the relevant authority in the offshore jurisdiction that the activities can be carried out in Cyprus. Where required, the company must obtain a similar license in Cyprus to carry out its activities.
If you are interested in redomiciling your company to Cyprus please contact us at
info@internetincorporate.com