Running a limited company

Contents
Directors’ responsibilities
Taking money out of your Cyprus Company
Cyprus Company changes you must report to the Registrar of Companies of Cyprus
Cyprus Company Records you must keep
Accounting Records you must Keep
Prepare Annual Financial Statements
Obligations of the Cyprus Company to the Registrar of Companies
Obligations of the Cyprus Company to the Registrar of Taxation
Obligations of the Cyprus Company to the Social Insurance Services

Directors' responsibilities

As a director of a Cyprus Limited 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. This duty is owed to the company and, generally, not to a distinct group of shareholders or creditors
  • Always run the company according to the rules and regulations that are set out in the articles of association
  • Maintain company records and report changes
  • 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 Limited Company.