In 2012, Cyprus went through a major financial crisis after the country’s banks became exposed to overleveraged properties market. This led to a massive €10 billion bailout by the European Union. Since then, the country has emerged as the fastest growing economy in the region. In 2018, the economy grew by more than 4%, which was above the EU area average of 1.3%. Part of the reason for this is the country’s attractiveness as the gateway to the EU and its tax haven status. In this article, we will look at some of the most important reasons why you might consider hiring a corporate attorney in Cyprus.
Many foreign companies are registering their companies in the country. Most of these businesses are in the financial and shipping sectors. These companies are attracted to the country for its low taxes, excellent infrastructure, quality talent, and relatively low cost of living. While the process of registering a business is relatively easy, legal advice is always required. Certified corporate lawyers help to register the overseas companies. They also help to advice the companies on the regulatory issues of the company. The law firms are also mandated by law to conduct a background check of all foreign companies that are registered in the country. In addition, the lawyers can help in formulating the business formation documents like articles and memorandum of association.
Intellectual Property Protection
Most foreign companies that set up base in Cyprus usually have their own trade secrets and intellectual property. This includes things like trademarks and patents, which require protection. A good corporate law will register the intellectual property with the trade office and also ensure that no local companies have the ability to steal them. If they are infringed, the corporate lawyer will be used to defend them in a court of law.
Cyprus Immigration Issues
As a foreign investor, the Cypriot law requires that you go through a certain process. If you want residency, the law requires that you have a specific type of visa. If you are a large investor, a good corporate lawyer in Cyprus will help you get the so-called immigration passport. This is a passport that is given to investors who make an investment worth more than EUR 2 million called Cyprus passport by investment. With such an investment, the person and his family are given a passport, which allows them to do business and travel across the EU. Further, a company that is bringing some staff members to the country can use immigration lawyers to ensure that they get work permits.
Companies in Cyprus are required to follow strict labor laws. This is in accordance to the Cypriot and the European Union law. As such, as a company, it is essential to ensure that you are working in line with the law. The lawyers will help you come with the company’s operations procedures. They will also help you defend yourself in a court of law in case of labor disputes.
As a member of the European Union, it means that companies must operate within the strict regulations. In the past two years alone, the region has signed into law the Markets in Financial Instrument Directive (MIFID II) and the comprehensive privacy laws known as General Data Protections Regulations (GDPR). Other strong regulations are on the way. As such, companies are required to operate within these laws, which run to millions of pages. For this reason, having a good corporate lawyer can help you navigate the complex regulatory environment. Failure to operate within the law can lead to significant fines from the regulators.
Cypriot law allows foreign companies to make joint ventures. This is a process where foreign companies form a partnership with local companies. Like in all countries, forming joint ventures is a long and complicated process that requires quality and experienced professionals. A good lawyer can help you in that.
Cyprus is a great country and one that has seen impressive growth in the past. The country is also very attractive to foreign companies that have a desire to operate in a business-friendly country. As such, it is very important for companies moving to have excellent corporate lawyers in Cyprus. These lawyers will make the entire process easy and secure.