Corporate Issues

• Formation of companies in Cyprus and abroad
• Ready-made (shelf) companies for immediate use
• Mergers and acquisitions of companies in Cyprus and abroad
• Corporate structuring and re-structuring
• Establishment and re-structuring of holding groups
• Shareholders’ agreements
• Share capital increase and decrease
• Issuance of shares at premium, various classes of shares
• Shareholders’ contributions into the share capital
• Public and private offerings procedures
• Corporate management and administration
• Related services

International Business Issues

• Joint ventures and international groups of companies
• Cross-border transactions, including the capital transfer
• Cyprus and UK partnership formation and dissolution
• Dissolution of companies, including striking off and bankruptcy procedures
• Insolvency and debt re-structuring
• Agency and intermediary agreements
• Local and international tax planning
• Formation and administration of fully pledged offices in Cyprus

Experts of POLYMAGE CONSULTING assist clients to prepare any type of commercial contracts required for their business. Contractual drafting is an important professional service. Normally the procedure of contractual drafting consists of the following steps
 

• Contract Design
• Notification to client of potential Commercial Awareness
• Structuring of a document
• Drafting of a Contract
• Assessment of strengthens and weaknesses of a deal as reflected in the Contract
• Negotiation of Contract with client and counterparties
• Evaluation of International aspects of Contracts
• Regarding choise of of Jurisdiction
• Regarding choise of Governing Law
• Evaluation of probable conflict of Laws
   

Standard spectrum of banking and finance transactions includes but is not limited to:

• preparation of a set of documents required, filling in bank forms and opening of bank accounts
• arrangements required to provide a client with e-Banking access
• confidential delivery of access to the bank account directly to the client
• collection of bank statements and related documents; correspondence with the bank
• liaison with at the bank to assist with client’s transactions
• arrangements to effect domestic and cross-border loan and security transactions
• drafting of loan documentation for single-lender and syndicated loans
• drafting of security documentation including charges over assets and undertakings of companies, debentures, pledges of share certificates, security assignments of rights etc.
• re-structuring of existing loans and collateral with bank
• re-structuring, novation and re-financing of existing debts
• financing of international trade, issuance of Letters of Credit, drafting of contracts and related documents
• assistance in respect of project financing and finance leasing
• assistance with indemnities and guarantees granted to the bank
• due diligence of deals, corporate documents, contracts, securities and charges
• legal opinions and legal due diligence reports

The major advantages of tax planning in Cyprus
are as follows:

• Cyprus is EU Member
• Corporate tax of only 12,5%, the lowest in the EU and sufficiently lower than in CIS countries
• Tax relief for group losses
• Implementation of EU legislation such as: EU Parent Subsidiary Directive; EU Mergers Directive
• Extensive number of Double Tax Treaties – around 50 as of 2012

Any transaction relating to the acquisition of property in Cyprus requires some mandatory steps as shown below:

• application to the Council of Ministers for approval of a transaction (required for non-EU citizens only)
• approval and signing of a contract of sale
• registration of contract at the District Land Registry for the purpose of safeguarding the purchaser's interest
• transfer of a title deed to the new owner.
• approval and signing of a contract of sale
• registration of contract at the District Land Registry for the purpose of safeguarding the purchaser's interest
• transfer of a title deed to the new owner.

There are some special requirements as well as special advantages to foreigners.

Detailed brochure of legal aspects of immovable property transaction in Cyprus is available on request.

CORPORATE DUE DILLIGENCE

Experts of POLYMAGE CONSULTING are a position to provide the clients with detailed risk assessments with regards to the client’s companies, holding groups, partners, deals, agreements as well as personal matters. Any gaps, misunderstandings and problems will be reflected in such reports.

Spectrum of labour matters includes but is not limited to:

• information and consulting services on Cyprus employment law issues
• work permit matters, corporate immigration
• drafting of labour contracts under Cyprus laws
• matters related to the termination of employment
• motivation issues and employee share option plans
• social insurance matters
• employer and employee obligations
• rights of maternity
• discrimination at work
• health and safety matters
• confidentiality and non-compete obligations
• employer manuals
• assistance with employment dispute resolution

Spectrum of immigration matters includes:

• Citizenship applications
• Employment permits
• Permanent residence permits
• Immigration permits
• Visas

Cyprus is a unique jurisdiction with no inheritance tax connected with movable and immovable property.

Spectrum of services includes:

• Drafting Wills
• Obtaining Probate Orders
• Administration of Estates
• Drafting of a Contract
• Resealing