FRIDAY, 22 JAN 2021



Facebook Linked In Twitter
GAP Vassilopoulos

Education Minister And French Ambassador Discuss Culture And French Language



brought to you by Deloitte

Kokkinos: The Department Of Registrar of Companies Is Undergoing a Phase of Major Developments

Kokkinos: The Department Of Registrar of Companies Is Undergoing a Phase of Major Developments

On Tuesday 27th September 2016 at the Four Seasons Hotel in Limassol the CIBA members and guests welcomed Spyros Kokkinos, the Registrar of Companies and Official Receiver, to inform them on the  recent and forthcoming developments at the Company Registrar Office and their impact on the international businesses and their professional advisors.

During his speech, Kokkinos said that since 2013, the Department of Registrar of Companies is undergoing a phase of major developments, covering all functions and competencies. 

He mentioned that a detailed action plan has been formulated and approved by the Council of Ministers and a Project Team has been assigned, under the Ministry of Energy, Commerce, Industry and Tourism, with the responsibility to identify, promote and implement all necessary actions and measures regarding the restructuring of the Department.

“Companies entered a new phase of activity concurrent with the present times.  The restructuring and reorganisation of the Department, aims to create a modern and well-functioning Companies House adhering to best practices. To this end, specific actions are being initiated, including inter alia, electronic filing, online access to all documents, and simplification of procedures which will facilitate the enhancing of compliance. The objective being, the creation of an effective, swift and modern service” he said.

Following the recent years’ adverse economic developments, an effort is underway to cleanse and update the Register of Companies from non-active and non-compliant companies, with the obligation to file annual returns and accounts to the Registrar of Companies.

With regards to the facilitation of foreign investment and promotion of the island as an international business centre, Kokkinos said that a revision of Companies Law aiming to modernise it by inter alia, streamlining the process of registration and strengthening the enforcement powers of the Registrar to ensure adequate updating of information and de-registration of non-compliant companies, was voted into law, in June 2015.

Furthermore, Kokkinos said that recently the Companies Law was further amended in relation to the financial statements, administrative reports and the Auditor’s Report.

“Amongst the most striking features are the new thresholds for small medium and large companies and group of companies.  Details are also given for compiling the financial statements and the administrative reports and the amendment introduces an element in the administrative reports, on corporate governance which is beneficial for creditors and investors.  The latter reports are compulsory only for quoted companies in the Stock Exchanges”, he said

Another element in this very recent legislation is that the Auditor’s Report becomes compulsory for all private companies.  The above reports are also compulsory for all overseas companies located in Cyprus. 

In addition, the new business processes of Companies section have been modeled and change requirements have been defined as per systems upgrading, amendment of regulations, policy changes and operational restructuring.  The gradual implementation of these changes will begin during the last quarter of 2016 and are expected to be fully operational with the development and implementation of a new integrated Registry System in 2019/2020.

In line with the above changes, the design of a customer-centric, informative, interactive, easy to navigate, and well-structured website for the Companies section, in line with the transformation programme is currently being developed.

Moreover, in the context of streamlining procedures, the Department is proceeding with the complete redesign of statutory Forms, as well as a revision of fees, in an effort to promote Cyprus as a competitive service centre for companies and other legal entities.

Finally Kokkinos said “the efforts to better serve the public are not concluded with the abovementioned measures but the Companies Section is under continuous scrutiny in order to be in touch with new developments in the companies’ field and the general economy.”


Russia Has Very Warm And Close Relations With Greece And Cyprus, Lavrov Says

Foreign Minister of the Russian Federation, Sergey Lavrov, has said that he sees no ...

Record Number Of Citizens Booked By The Police For Covid-19 Measures Violations

The Cyprus Police registered a new record in daily number of fining for violations of ...

Education Minister And French Ambassador Discuss Culture And French Language

Minister of Education, Culture, Sports and Youth Prodromos Prodromou held a meeting ...



Bitcoin Losses Gather Pace, With Prices Nearing Three-Week Low

Bitcoin closed in on the lowest in three weeks as the cryptocurrency's sizzling rally gives way to pessimism that prices are too high.   Bitcoin ...

ECJ Says There Is No Confusion Between HALLOUMI And BBQLOUMI

The European Court of Justice General Court confirmed today that there is "no likelihood of confusion between the collective mark HALLOUMI, reserved for ...

Health Minister: Indications Uncontrolled Spreading Of COVID-19 Has Been Contained

Cyprus remains in the red zone as regards the COVID-19 pandemic, however the partial improvement of its epidemiological outlook reflects the effectiveness of ...

Anastasiades Thanks Parties Which Voted The Budget And Can Now Focus On Resolving Problems

Cyprus President Nicos Anastasiades has thanked the political parties who voted for the state budget and has said that the government can now focus on ...

Moody’s: Bank Of Cyprus In A Better Position To Deal With COVID Downturn Due To New Bad Loan Portfolio Sale

Moody’s rating agency says that the new sale of a bad loan portfolio by the Bank of Cyprus, puts the bank in a better position to deal with an inflow of ...

Eurogate Container Terminal Limassol obtains the Authorised Economic Operator Certification

EUROGATE Container Terminal Limassol Ltd announces that it has obtained from the Cyprus Customs & Excise Department the Authorised Economic Operator ...

Russia Has Very Warm And Close Relations With Greece And Cyprus, Lavrov Says

Foreign Minister of the Russian Federation, Sergey Lavrov, has said that he sees no reason why Greece and Cyprus should be persuaded that Russia is an enemy of ...

European Firms Improve Diversity Scores In Pandemic Year, Study Finds

The number of major European companies with high participation of women in leadership positions has doubled over the past year, but there was less progress on ...