Cyprus has unveiled a set of reforms aimed at modernising company registration procedures, significantly improving the ease of doing business in the country.
- Cyprus has unveiled a set of reforms aimed at modernising company registration procedures, significantly improving the ease of doing business in the country.
This comprehensive legislative package is part of an action plan focused on the reorganisation of the Department of the Registrar of Companies and Intellectual Property (DRCIP). The Ministry of Energy, Commerce and Industry announced that these changes will streamline processes and enhance efficiency.
Company registration: New Certificate Types and Digital Solutions
The reforms introduce a total of 64 new and redesigned types of certificates and registration certificates. This includes 24 distinct certificates and 40 registration certificates, all of which will be processed through a new information system.
With this advancement, the Companies Section of the DRCIP will be able to issue these documents digitally, reducing the need for in-person transactions. The new framework is designed to encompass a wide range of registered entities, from local companies to foreign and European companies, as well as trade names and cooperatives.
Enhanced Accessibility and Security
One of the key features of the new system is the provision of bilingual certification in both Greek and English. This move is expected to enhance accessibility for international businesses and foster increased cross-border cooperation.
Additionally, the reforms aim to strengthen document security by introducing modern certificate types that align with contemporary business requirements. The department will implement an electronic seal to ensure the authenticity of all documents and the information contained within.
Streamlined Processes for Faster Transactions
The legislative changes are anticipated to significantly reduce the time required for issuing certificates and registration documents, thanks to the modernised electronic procedures. This efficiency not only benefits local businesses but also facilitates international transactions through the issuance of bilingual certificates, making Cyprus a more attractive destination for foreign investment.
