An amendment to the Companies Law, Cap 113, has been approved in order to implement paragraph 3.9 of the Memorandum of Understanding agreed between Cyprus and the Troika, regarding the modernization of procedures in the Department of Registrar of Companies and Official Receiver.
The new amending legislation is also in line with the provisions of the updated Memorandum of Economic and Financial Policies (MEFP) regarding money laundering.
In particular, the new law:
• reinforces the implementing powers of the Registrar of Companies in order to ensure continuous updating of the information kept by the department and the removal of a company from the register for reasons of non-compliance with the law;
• introduces simplified procedures (with regard to the electronic filing of documents, keeping a register in electronic form, conducting a general assembly meeting by electronic means, electronic verification of documents etc).