Directors’ responsibilities in a Cyprus Company
As a director of a Cyprus Company, you have among others the following responsibilities:
- You have a fiduciary duty to act in the best interests of the company as a whole. You have this towards the company as a whole and not to a distinct group of shareholders or creditors
- You are obliged to run the company according to the rules and regulations that are set out in the articles of association
- You have to maintain company records and report any changes to the Cyprus Registrar of Companies
- File the company’s Financial Statements and the company’s Tax Return
- Calculate and pay Corporation Tax when it is due
- Inform other Directors if you might personally benefit from a transaction the company makes
Even though you as a director of the Cyprus Company have the right to assign certain day-to-day activities to other persons (for example, an accountant) you are still legally responsible for your company’s records, accounts and performance.
You may be fined, prosecuted or disqualified if you do not meet your responsibilities as a director of your Cyprus Company.
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