Companies may set up a branch which is part of a company and numerous branches may be maintained. A branch is not a separate legal entity and the company may execute all its operations or part of its activities through a branch.
The company itself has the responsibility for the performance of the branch’s obligations. Even though each branch may have its own managers, the directors of the company are ultimately responsible for the activities of its branches.
Overseas companies (companies registered outside Cyprus) may register a branch in Cyprus under section 347 of the Companies Law. The following documents translated into Greek must be submitted to the Registrar within one month of establishment:
- Certified copy of the overseas company’s charter or of the Memorandum and Articles of Association or any other instrument defining or containing its constitution, certified by a public notary or governmental official in whose custody the original is committed, or an officer of the company before a person having authority to administer an oath.
- Particulars of any directors and secretary of the company.
- The names and addresses of one or more persons resident in Cyprus authorized to accept on behalf of the company any notice required to be served to it. The certificates of the above persons should be authenticated by a diplomatic or consular representative of the Republic of Cyprus.
- Any changes to the above particulars should be notified at the Registrar of Companies.
Upon registration of the branch, a full set of documents must be provided, duly legalized and translated into Greek or any other language. Such documents normally comprise of:
- the certificate of registration;
- the charter of the overseas corporation or other instrument defining its constitution;
- a list of directors and name of the person authorized to accept notices letterheads, invoices and other branch stationery;
- any other information and documentation pertaining to the branch’s activities up to the date of its establishment.
Every foreign company that maintains a branch in the Republic must submit, for every financial year, copies of its financial statements as presented in its last AGM and published in accordance with the laws of the country of incorporation.