A company will be required to maintain a minimum presence in its place of incorporation – a registered office and a resident company secretary and/or a resident agent. We generally provide these services for all our clients and describe them as ‘domiciliary services’.
As your local representative, Sovereign Trust (Cyprus) will help maintain your company’s good standing in accordance with local requirements by:
- Provision of a registered address
- Receipt and handling of mail
- Provision of company secretarial services
Director Services in Cyprus
Sovereign also provides directors for many of the companies that we incorporate in order to ensure that their affairs can be properly managed and controlled from their place of incorporation. This service is often combined with our other company management and/or our domiciliation services.
Sovereign directors are experienced and knowledgeable individuals, who understand the needs of corporate structures. Before any of our directors can be appointed, we need to have a thorough and comprehensive understanding of the company and its business, as well as the reason that our services are required.
Our directors are required to meet their directors’ duties, which require them to exercise independent judgment. It is a condition of any appointment that the director(s) are able to exercise their independent judgment and are fully involved in any decision.
Company Secretarial Services in Cyprus
A company secretary is the most senior administrative officer of a private or public company or organisation. Their role is to ensure that the company complies with all standard financial and legal requirements, as legislated in the jurisdiction of incorporation.
The risks of non-compliance with local regulations are considerable, with the potential for harsh consequences for organisations and individuals. It is essential to know that your entities in Cyprus are in good standing, that business decisions are accurately implemented and that necessary changes can be effected in a straightforward and timely manner.
As company secretary, Sovereign Trust (Cyprus) will take responsibility for:
- Maintaining the company’s records
- Preparing and filing of returns with the local registry
- Issuing reminders of accounting deadlines
- Providing access to the company’s records
- Routine changes such as a change in director
In addition, we can offer board assistance and support in respect of: taking records of board and committee meetings, scheduling of meetings, setting of agendas and the circulation and the delivery of papers for a meeting, the arrangement and implementation of share transfers and changes in shareholding, or dividend distributions and capital contributions.
Finally, we can assist with the dissolution and liquidation of entities that are dormant or no longer required, whether it be the closure of a single entity or the closure of multiple branch and representative offices and companies across a range of jurisdictions.
The need to maintain and document compliance with statutory corporate obligations is obvious, but the administrative burden can be overwhelming, especially if you are unfamiliar with the rules and regulations in a foreign jurisdiction. Sovereign Trust’s company secretarial services will make the process as simple and as straightforward as possible, allowing the directors to focus on what they do best – running a business.