AGPLAW would like to inform you that there have been some significant changes to the Companies Law (CAP. 113), as published in the Government Gazette on July 26, 2024.
These amendments introduce new provisions and improvements aimed at enhancing the transparency and accuracy of the information contained in company registers.
Amendment to Article 365H:
The first significant change concerns the amendment of Article 365H, which relates to the delivery, registration, notification, and announcement of documents to the Registrar of Companies. Paragraph (e) of subsection (3) has been supplemented with paragraph (f), which specifies the procedures and timelines pertaining to the provisions of the new Article 365I.
New Article 365I: Powers of the Registrar of Companies:
The new Article 365I grants the Registrar of Companies increased powers to ensure the correctness and accuracy of the information in the registers. Specifically, the Registrar can correct, delete, and/or supplement registered information or add new information to maintain the validity of the data.
- Correction and Supplementation of Information: The Registrar can collect and process information from various sources, including the government information repository, provided that the provisions of the General Data Protection Regulation (GDPR) are observed.
- Notification and Objection Procedure: Before any correction or deletion, the Registrar must inform the affected legal entity or organization with a 30-day notice, giving them the opportunity to submit an objection.
- Correction Due to Errors: In cases of errors due to oversight or mistakes by the responsible official, the Registrar has the authority to correct the information without following the formal procedure.
Amendment to Article 387A:
Finally, Article 387A of the main law has been amended to grant the Minister the authority to specify and regulate the types of forms, certificates, and certifications used for any matter under this law and the regulations issued under it.
These amendments strengthen the legal framework for companies in Cyprus, ensuring the accuracy of information and enhancing transparency.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.