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Michael Chambers & Co. LLC

Corporate, Business Formation and Property Law Firm in Cyprus

Michael Chambers & Co. LLC

25 Voukourestiou Street
Neptune House, 1st Floor, Suite 11

Limassol 3045
Cyprus

Phone+357 258 19966
Fax +357 258 19960

Website www.cypruslawfirm.com
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Law Firm Overview

Michael Chambers & Co., Advocates and Legal Consultants, is based on the island of Cyprus in the Mediterranean Sea where they provide a diverse array of legal services. The firm is committed to ensuring your matter receives the personal attention it deserves.

When you need guidance to navigate the seas of shipping and admiralty law or counsel on a variety of real estate and business matters, Michael Chambers & Co. has the legal experience and business knowledge to help you achieve your goals. The attorneys at Michael Chambers & Co. are also highly skilled in defending against criminal charges in the business arena. They will ensure your legal rights are protected.

If you are experiencing a challenging family situation, the Michael Chambers team brings both compassion, commitment to confidentiality and knowledge of family law to bear on your legal matter. Michael Chambers & Co. is also able to provide expert guidance on the advantages and disadvantages of locating your corporation in Cyprus. The firm is also knowledgeable and capable of international tax law, providing you with the insight needed to make the most advantageous arrangements within applicable law.


Areas of Law


Additional Areas of Law: Business Crime; Violent Crime.


Areas of Law Description

Michael Chambers & Co. LLC provides legal representation and services in the following areas of practice:

- Corporate and Commercial

Our law firm advises a diverse spectrum of businesses on corporate and commercial matters. Our expertise covers a huge range of sectors and industries, meaning that whatever the size and scale of your business transaction, you can rest assured that our experienced team will get the job done in a timely and efficient manner. Our team founds itself on the basic belief that each business is an individual entity with individual goals and aspirations. We strive to fulfill those aspirations through our highly proactive and pragmatic approach to problem solving. Our lawyers understand that our clients need answers and solutions to their business issues which encompass a commercial understanding and adapt to specific business goals.

- Contract Law

Our firm knows that contractual relationships are at the heart of any business. We have vast experience in drafting, reviewing and negotiating a huge variety of commercial contracts from a wide field of businesses in terms of both size and industry. We combine detailed technical legal know-how with an understanding of commercial reality striving to give clients practical and workable solutions to their contractual issues. We never lose sight of the commercial reality behind your business needs and offer advice which takes into account every aspect of a contractual relationship. We know the pressures our client businesses face and aim to provide coherent and timely advice, not just once, but every time you instruct us.

- Banking and Finance

Undoubtedly banking law has a crucial role to play in the financial world. Our group of professionals in acting on behalf of both lenders and borrowers and it is in a position to provide excellent service in relation to banking and finance matters.

Some of the areas in which our firm is involved are:

. Financial restructuring;
. Security documentation;
. Finance leasing, indemnities and guarantees;
. Loan documentation;
. Project and corporate finance.

- Criminal Law

At Michael Chambers and Co LLC our dedicated team of criminal justice specialists use their sound understanding and knowledge of the system to ensure that your rights are represented and protected to the highest possible degree. We deal with every criminal case as high priority and are able to advise and guide you through every aspect of the criminal justice system, from how to initially respond to a criminal investigation right through to appealing a decision. Our team is dedicated to defending the rights of the accused and operates with a degree of sympathy and discretion which allows our clients to rest assured that their criminal case is being dealt with expertly, swiftly and efficiently.

- Employment Law

Our firm is able to advise both employers and employees on issues relating to employment law. Employment raises a number of unique and complex matters and when problems do occur they can not only serve to be disruptive but also expensive. Our team approaches employment law with a pragmatic approach, helping you to balance employment with the wider commercial aspects which affect the business decisions you make. Our team’s detailed commercial knowledge and expertise inspires all of the advice we give, meaning that you can rest assured that the legal advice you will receive is not only theoretically accurate but also commercially astute.

- Family Law

At Michael Chambers and Co. LLC, we apply an approach of creative problem solving to our client’s family law claims, striving to seek solutions which are successful and represent value for money for our client. We maintain absolute confidentiality over any matter, or potential matter, discussed with us and our clients can have total confidence in our discretion. We are experienced and able to advise both Cypriot and expatriate clients on their family law issues. We can advise clients on the following matters:

. Adoption;
. Access to children;
. Divorce proceedings;
. Separation;
. Cohabitation;
. Complex financial issues.

- E-Commerce

Michael Chambers and Co. LLC appreciate that this area of law is dynamic. It is a developing and ever-changing area of law and our lawyers provide flexible solutions which adapt to this continuously evolving field of law. Our proficiency stems from the breadth of our technical knowledge combined with an approach which embraces the unique challenges that this area of law presents. We are able to assist your business with the following elements of e-commerce business:

. E-commerce transactional agreements, for example software development agreements, marketing agreements, website development agreements, internet service provider agreements etc;
. Internet service provider terms and conditions;
. FOREX company specific advice;
. Online advertising;
. Software licensing;
. Intellectual property issues specific to e-commerce;
. Jurisdictional issues;
. Competition;
. Electronic signatures;
. Advice relating to websites;
. Web hosting;
. Data protection, privacy and security.

- International Tax Planning

We are highly experienced in dealing with international tax planning matters. We offer forward-thinking and practical solutions to the tax queries presented by clients. We believe in developing tax strategies for our clients which are both innovative and sophisticated in their approach. We are able to offer both domestic and international tax planning tactics for clients and have developed an enviable portfolio of international tax connections enabling us to coordinate advice to clients across a wide range of jurisdictions. Our specialist lawyers are creative, knowledgeable and dedicated to providing clients with effective solutions to international tax planning.

- Litigation and Arbitration

Our litigation department deals with a variety of general and commercial litigation. We have gained a great experience in relation to the representation of client in court and we have been involved in a great number of disputes. Our policy though is to protect our clients from the frustrating experience of court proceedings by making use, when possible, of the alternative to a formal court hearing which is the external dispute resolution.

- Real Estate

We are able to assist clients on a variety of real estate matters, including:

. Purchase and sale of residential property;
. Purchase and sale of commercial property;
. Landlord and tenant;
. Remortgaging;
. Property transfer;
. Property disputes;
. Property tax issues.

- Shipping and Admiralty

Michael Chambers firm aims to assist its clients, providing a range of services in relation to the shipping industry. Some of the services include: Purchase and management agreements; Formation of shipping companies; Supervision contracts for new build vessels; Deletion of registration; and, Enforcement of mortgages.

- Intellectual Property

Michael Chambers and Co. LLC can advise on the following intellectual property law matters:

. Copyright;
. Designs;
. Patents;
. Trademarks;
. Passing Off;
. Enforcement issues;
. Brand protection;
. Obtaining interim orders;
. Data and privacy;
. Intellectual property litigation;
. Cross jurisdictional issues;
. New businesses start up protection.

- Trusts and Succession

Michael Chambers and Co. LLC can offer professional advice on estate planning for Cypriot assets to individuals of any nationality. We offer straight forward and carefully considered advice which allows a client to ensure that his/her wishes are fulfilled and that his/her loved ones are protected. We are able to assist in probate matters and can arrange the resealing in Cyprus of Wills executed in certain other jurisdictions. We give comprehensive advice on:

. Succession;
. Wills;
. Trusts;
. Gifts;
. Probate;
. Resealing;
. Powers of Attorney;
. Tax planning.



Lawyers

Michael Chambers Mr. Michael Chambers
Founding Lawyer
Constitutional Law, Corporate Law, European Community Law

  

More Information on Michael Chambers & Co. LLC

Limassol, Cyprus Corporate Lawyers
Banking Law Firm in Limassol, Cyprus
Limassol, Cyprus E-Commerce Lawyer
Limassol, Cyprus Tax Planning Lawyer
Litigation Law Firm in Limassol, Cyprus
Limassol, Cyprus Real Estate Lawyers
Shipping Law Firm in Limassol, Cyprus
Michael Chambers & Co. LLC News and Publications

Articles Published by Michael Chambers & Co. LLC

 Ship Arrest, Release and Sale within the Jurisdiction of Cyprus

Ship arrest practice in the Republic of Cyprus is enforced by the Administration of Justice Act Part 1 of the Arrest Convention in 1952, as adopted by the United Kingdom, by virtue of Cyprus’ Constitution and section 29 of Law the Courts of Justice Act (14/60).

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 Admiralty and Ship Arrest Practice in Cyprus

Admiralty litigation in Cyprus has increased significantly, as a consequence of the distinctive status of Cyprus as a leading worldwide maritime hub. Admiralty law refers to the jurisdiction of a distinct body of law to hear certain types of cases, arising from maritime activities occurring in international waters.

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 Company Set Up in Offshore Jurisdictions: BVI, Belize, Seychelles and Panama.

Investors and companies around the world have been benefiting from advantageous corporate structures and favorable tax regimes for years in order to increase profitability.

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 Rejection of Haircut Appeals by the Supreme Court of Cyprus

The Supreme Court on Friday, 7 of March, delivered its long-awaited decision with regard to the appeals lodged by Laiki’s and BoC’s depositors who lost part of their money in the €10 billion bail-in plan for Cyprus. More than 3.000 appeals of uninsured depositors were filed before the Supreme Court requesting the decision to be revoked.

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 Judicial Review against the Haircut on Laiki’s and BoC’s Depositors - Cyprus

The judicial proceedings against the haircut on Laiki and Bank of Cyprus’ depositors are ongoing. The objective of the applications filed for judicial review is to annul the governmental decrees by which deposits in excess of €100.000 in Laiki and BoC were subjected to massive reductions.

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 Cyprus Developments on Banking Sector – Overcoming the Difficulties

Cyprus is struggling with the worst crisis in its history since the 1974 invasion by Turkish military forces that divided the country in two.

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 Protecting Your Assets through Trust Formation - Cyprus

High-net-worth individuals with valuable possessions around the globe need effective asset protection tools to manage and safeguard their wealth, as a respond to the differing legislations and tax regulations of the various jurisdictions.

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 New Law Enhances Maritime Security for Cyprus Registered Vessels

Cyprus boasts the third biggest maritime fleet in the EU; the tenth biggest fleet in the world. It is a market leader in ship management and as such security and safety of ships is a paramount issue, which has been addressed under the new Protection of Cyprus Ships Against Acts of Piracy and Other Unlawful Acts Law 2012.

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 Company Creation in Cyprus

When creating a company in Cyprus promoters will most often be given the choice of creating the company from scratch (tailor made) or buying a company that has already been created and amending it to suit their specific purposes (off the shelf).

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 Dissolving a Marriage in Cyprus

One in five marriages in Cyprus will end in divorce. Family law provisions on the island are complicated by changes in the law made in 2003 which means that different laws will apply to those who were married before 2003 and those who were married after 2003. The newer Marriage Law 2003 will deal with divorces of marriage celebrated after 2003 whereas marriages that took place before 2003 are dealt with under the provisions of the Family Courts Law.

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 Naming Your New Business in Cyprus

Having decided to create a new business in Cyprus, one of the first considerations a promoter of that business will have will be what to name the new entity. Whilst the moment at which the new company’s name is conceived can be thrilling, the legal requirements behind a name can too often be overlooked.

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 Pledges - What is a Pledge?

A pledge is a form of real security giving the creditor (“pledgee”) proprietary rights over named property belonging to the debtor (“pledgor”). The pledgee has the right to retain those proprietary rights over the pledged property until an obligation (for instance payment of a debt) is discharged and the property is then restored back to the pledgor or alternatively...

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 Compensating for Lost Property in the Turkish Republic of Northern Cyprus (TRNC)

The aftermath of the 1974 occupation by Turkey of the northern part of Cyprus and subsequent division of the island is still keenly felt by citizens of both the Republic of Cyprus in the south and the Turkish Republic of Northern Cyprus (TRNC) in the North.

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 Standard Terms and Conditions of Business in Cyprus

Any business that regularly enters into terms (for example for the sale or purchase of goods) that are often the same or similar can benefit from creating its own standard terms of business. Standard terms are a set of terms that a business can use to govern its relationship with all of its clients.

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 Special Considerations in International Sales Agreements

International sales contracts constitute a specialist area of law that raises unique considerations when compared with domestic counterparts. Commercial law, responding to the requirements of the international trading community as a whole, has adapted in order to meet the special needs and problems posed by such international contracts. International sales are generally governed by common law, legislation, a number of international conventions, rules, terms and customs.

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 Considerations When Writing Your Will in Cyprus

Although it is often said that a person may not make a Will in Cyprus, this is in fact a gross oversimplification of the legal provisions regarding inheritance in Cyprus. In fact, some individuals are able to make a Will for their whole estate and others are entitled to make a Will for the, so-called, “disposable portion” of their estate.

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 VAT in Cyprus

Value Added Tax is a tax charged on every taxable supply, by a taxable person, of goods and services within the Republic, other than an exempted supply. It is also charged on goods acquired in Cyprus from other EU countries and on goods imported from outside the EU. VAT is an indirect taxation which is applied by the VAT registered business acting as agent of the VAT authority by adding VAT to the full sale price of the taxable goods and services they provide.

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 The New and Improved Cyprus International Trusts Law

The law on international trusts in Cyprus has undergone considerable changes this month with the enactment of a new law[1] that amends the International Trusts Law[2]. The amendments have been heralded as positioning Cyprus as the most favorable trust jurisdiction in the European Union and its much-anticipated provisions have been received with considerable praise by investors and professional advisors across the island.

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 Capital Gains Tax in Cyprus

Capital Gains Tax (“CGT”) is a tax imposed on capital gains made by companies and individuals in Cyprus. - Application - It is applied to any gain that is attributable to: a) the disposal of immovable property located in the Republic; and b) the sale of shares in a company that owns immovable property in the Republic provided that the relevant company is not listed on a recognized stock exchange.

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 An Introduction to Personal and Business Income Tax in Cyprus

In a challenging financial climate, it has never been more important to comprehend the system of taxation in the jurisdictions in which you operate. One needs to be fully aware of the entire picture concerning applicable fiscal provisions and the advantages that one jurisdiction may present over another in order to make informed and correct choices about various venues for undertaking international business.

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 Double Tax Treaties in Cyprus

The Cyprus government’s fiscal policy clearly embraces tax incentives for foreigners, which act as a considerable inducement for those wishing to conduct international business on the island. One of the simplest indicators of this intention is the high number of double taxation treaties that Cyprus has executed with other countries.

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 Confidentiality Agreements - Cyprus

Protection of confidential ideas, processes and creations are an exceptionally important element of most businesses. The law rewards the revelation of certain business ideas into the wider market by allowing the creator a certain degree of exclusivity – for example the protection granted by a patent, or that offered by copyright – however any such protection has limited lifespan and does not extend to every type of confidential information a business may hold.

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 Copyright in Cyprus

Copyright is a right granted to the creator of an original work to exclusive use of that work for a period of time limited by law. In Cyprus copyright is governed by the Copyright Section of the Department of the Registrar of Companies and Official Receiver. The governing laws are: N.63/77, N.18(I)/93, N.54(I)/99, N.12 (I)/2001, N.128 (I)/2002, N.128 (i) 2004 and N.123 (I) 2006.

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 Patent Protection - Cyprus

A patent is a right to ownership of an invention granted to the inventor by the government. It allows the patent owner exclusive use of (and the right to license out use of) the invention in return for revealing it to the public domain.

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 Action for Infringement of Trademark - Cyprus

The logo, symbol or design of a company is a commodity that serves to distinguish the goods or services of one company from those of its competitors. Once created, a trademark can be registered and will enjoy an initial seven-year period of protection from the date of filing of the application, which is renewable every fourteen years thereafter.

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 Registering a Trademark

A trademark is a distinctive sign or indicator that is used by a business or an individual to distinguish his goods or services from others on the market. The trademark will be unique to that business or individual and will serve to identify the source of the goods and services. A trademark may consist of: words; signs; symbols; logos; pictures; shapes; colours; letters; phrases; designs and images or a combination of such elements.

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 Evading Difficulties When Buying Property in Cyprus

Each year hundreds of buyers are attracted to purchasing real estate on the island of Cyprus. With a system of registered land and a legal process broadly based on that of England and Wales, buying a property in Cyprus is relatively straightforward. In this article we will outline some simple precautions that a purchaser of property in Cyprus can take in order to protect his investment and ensure that his acquisition proceeds as smoothly as possible.

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 The Costs of Purchasing Property in Cyprus

When buying property in Cyprus there are a number of additional costs and taxes of which every buyer should be aware prior to committing to an acquisition. It is extremely important that a potential buyer plans for and takes into account each of the following incidental costs that will occur when buying property in Cyprus.

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 Distributorship Agreements

A distributorship agreement is one that is made between the supplier and distributor of goods. The relationship is different in nature to other possible models of supply such as agency or franchise.

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 Agency Agreements

In 2006 a tennis tournament sponsor sued Venus and Serena Williams for non-attendance at their event. The sponsor claimed that the tennis stars were obliged to attend by virtue of a commitment to that effect made by their father. The case rested upon whether the girls’ father had authority to bind them contractually.

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 Agents - Term “Agent” or “Agency” in Cyprus

The term “agent” or “agency” must be used with particular caution in Cyprus as the law attaches a special significance to an agency relationship. In some cases the term “agency” will be used in commerce where in fact, legally speaking, there is no such relationship and similarly, in some cases where common commercial jargon refers to something other than agency, in fact (legally speaking) an agency relationship can be said to exist.

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 Inheritance in Cyprus

Benjamin Franklin famously declared that “in this world nothing is certain but death and taxes”. Estate planning is a sensitive issue, which many people are reluctant to address, but considering that the plans and documents you make concerning your death are likely to be some of the most important financial documents you will ever make, inheritance is a crucial legal issue which everyone must consider.

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 Product Liability in Cyprus

Consumer protection demands that producers of products are responsible for the safety of the goods they manufacture and that, in the event that they are faulty, appropriate avenues of action are available to anyone affected by the faulty goods. In Cyprus, the EU legislation governing product liability (Council Directive 85/374/EEC) has been directly implemented into Cypriot law through the Defective Products (Civil Liability) Laws of 1995 to 2002 (Law 105 (I) 95).

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 Insolvency in Cyprus

When a company is created it enjoys a separate legal identity of its own and, as such, when it stops operations a specific procedure must be followed in order to legally bring its existence to an end. The procedure is outlined in the Companies Law, Cap 113, and is a different procedure from that followed in the case of an individual going into bankruptcy. A company may either be wound up voluntarily, or by the court compulsorily.

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 Property Litigation in Cyprus

Property is one of the most valuable assets that a person or a company can own and it is perhaps by virtue of this value that property tends to attract a great deal of litigation and dispute. There are many different kinds of dispute that can occur in relation to property; in this article Michael Chambers highlights some of the most common forms of dispute and the action available to an aggrieved party seeking resolution.

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 Contractual Disputes in Cyprus

A contract is a written agreement made between the parties which states the terms of their legal relationship. Every contract will contain different terms and conditions concerning the bargain it embodies. A dispute will occur when any of the terms and conditions are breached by either party, when there is disagreement as to interpretation of the written agreement or in the event that the written agreement has failed to address a specific matter.

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 The Litigation Process in Cyprus

Litigation refers to the dispute resolution process through the courts. Having been a British colony until 1960, the Cypriot legal system and rules relating to litigation are primarily based on the English legal system. The courts are divided into six types: District Courts (civil actions); Assize Courts (criminal cases); Family Courts; Rent Control Tribunals; Industrial Dispute Tribunals and Military Court.

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 Arbitration in Cyprus

Arbitration is a consensual legal technique for resolution of disputes without the necessity to refer the matter to court. The parties to a dispute voluntarily refer the matter to an impartial third person (the arbitrator) who will be empowered by the parties to make a decision based on the evidence and the arguments which are presented to him. Once made, the arbitration award will be binding upon the parties and fully enforceable against them.

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 Considerations when Registering under the Cyprus Flag

There is a vast array of benefits available to those wishing to register a shipping vessel under the Cypriot flag. In terms of geographical location, infrastructure, safety and efficient operations Cyprus can offer substantial advantages. Underlying the entire system is a highly profitable economic environment which offers major tax advantages and other fiscal incentives to those who operate under the Cyprus flag.

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 Advantages of Registration under the Cypriot Flag

Cyprus is a major ship management centre and its flag holds an envious reputation worldwide. The Cypriot Register now ranks 10th in size internationally and represents the third largest fleet in the EU. Moreover, the Register is growing, with shipping entrepreneurs attracted to the host of benefits offered by registration under the Cyprus flag and the active promotion of ship management interests by regulatory authorities.

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 Key Considerations in Commercial Contracts

Every kind of commercial contract will have its own individually negotiated and agreed terms (for example what is to be supplied; where; how; when; the price for supply; quality etc) all of which may be determined by the parties involved and unique to the particular agreement at hand. However, other terms and considerations will have a more general and universal application and will need to be thought through in the drafting of any agreement, regardless of subject matter.

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 Cross Border Investment Firm Activity

Activities of all investment firms in Cyprus are governed by CySEC, the Cyprus Securities and Exchange Commission. CySEC isresponsible for authorizing investment firms to undertake investment and ancillary services and governs ongoing transactions and compliance with the various applicable regulations. Investment firms may consider undertaking their activities abroad through establishment of a branch in the intended market or by providing services in that territory where authorized.

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 Investment Firms in Cyprus

In the Republic of Cyprus only certain persons and companies are permitted to undertake investment services and activities (for a full list of such regulated activities please refer to the end of this article)[i] and such entities are tightly regulated in order to ensure high standards and full consumer protection. The Cyprus Securities and Exchange Commission is the body responsible for the issuing of licenses and for overseeing the operation of such entities.

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 Characteristics of Key Legal Entities in Cyprus

There are three primary established business media in Cyprus: companies; partnerships and sole traders. Sole traders tend to represent smaller operational concerns and therefore, as a business takes off, many promoters of the business will primarily be concerned with considering the characteristics and applicable benefits of a company or a partnership.

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 Temporary Transfer Fee Reduction Approved

On Thursday 3rd November the House of Representatives in Cyprus voted to approve a Bill aimed at reducing transfer fees in property transactions. Property transfer tax represents a considerable levy on purchasers of property on the island and the aim of the latest measure is to prompt the struggling property market by offering buyers a considerable incentive to buying on the island and completing the transfer of the property into their name.

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 Cyprus: An Advantageous Venue for Incorporation

Clearly Cyprus holds great attraction as a business venue for investors – Michael Chambers explores why so many international businesses entities are drawn to Cyprus and how you can take advantage of the venue yourself.

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 Considerations When Creating a Company in Cyprus

Cyprus undoubtedly offers a considerably advantageous base for any business. Offering a highly beneficial taxation system and located at a geographically favorable position – it is little wonder that Cyprus enjoys a reputation as an international business center of excellence. However, before a company can be created, certain fundamental decisions need to be made about the kind of legal entity required and the manner in which it will operate.

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 Recordal of a Trademark Licensed User with the Registrar of Companies in Cyprus

In Cyprus the registration of trademarks with the Registrar of Companies is governed by the Cyprus Trade Mark Law, CAP 268 and the Trade Mark Rules 1951 as amended. Cyprus law provides for the recordal of a license with the Registrar of Companies however its provisions are not mandatory. A non-registered trade mark will be valid in Common Law.

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 Cyprus Divorces

According to the latest demographic report of the Statistical Service of Cyprus for the year 2009, the number of divorces is increasing. Particularly, in 2009 the number of divorces increased to 1738, compared to 1639 for 2008.

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 Buying Property in Cyprus

Cyprus is considered one of the safest European countries to invest in since its market is growing at a stable rate and its prices are competitive. If every perspective purchaser bears in mind the following points then a safe and prosperous investment will be carried out.

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 The Supremacy of the European Union Law over the Constitution of the Republic of Cyprus

Cyprus was a British colony until 1960 and as such the Cyprus legal system was highly influenced by the English legal system and the principles of common law and equity were adopted by the legal system of Cyprus.

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