Cyprus Registrar of Companies Modernization: New IT System, Legal Changes

The Cyprus Registrar of Companies is undergoing modernization with the development of a new IT system and the revision of legislation. The changes aim to implement the new system within the next year.

The parliamentary Committee on Energy is examining the legislation required for the modernization and reorganization of the Department, with the aim of properly legislating the certificates, modernizing existing types and introducing new ones.

The new regulations concern all registered entities, such as domestic and foreign companies, European companies, European Economic Interest Groupings (EEIGs), trade names and cooperatives.

The aim is to amend the basic laws to define new types of certificates, redesign existing ones, introduce online issuance and certification, electronic seal and issue certified translations.

Last week, at the Trade Committee, reservations were expressed regarding the acceptance of online certificates by credit institutions. The Ministry of Energy stated that acceptance is a matter of each institution's policy, while stressing that the electronic seal will ensure validity.

The development of the new IT system is included in the Recovery Plan.