1. Cy Shortform
2. Ct Short Form Power Of Attorney Statute
3. Ct Short Form Financial Affidavit
4. Ct Short Form Poa
5. Cy Short Form
6. Ct Short Form Power Of Attorney

Which are the major Cyprus laws in respect of mergers and acquisitions? Companies Law Cap. 113 (a) Sections 198-201 of Companies Law regulate mergers, divisions, partial divisions, transfers of assets and exchange of shares in two or more companies intending to merge together. Looking for online definition of CY or what CY stands for? CY is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms The Free Dictionary. We are grateful for your interest in helping us reach out to you. Please share below your prayer requests, your current or updated contact information, and any other special requests. Use this tax return for calendar year 2020, fiscal years that begin in 2020 and end in 2021, and tax years of less than 12 months that begin on or after January 1, 2020, but before January 1, 2021. You can also use the 2020 return if:. you have a tax year of less than 12 months that begins and ends in 2021,.

EU-15 plus Czech Republic, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia 4 European Union of 27 member states (EU-27): EU-25 plus Bulgaria, Romania 5 Germany is sometimes subdivided into West Germany (Federal Republic) and East Germany (former Democratic Republic).

Which are the major Cyprus laws in respect of mergers and acquisitions?

1. Companies Law Cap. 113
(a) Sections 198-201 of Companies Law regulate mergers, divisions, partial divisions, transfers of assets and exchange of shares in two or more companies intending to merge together.
(b) Sections 201A – H of Companies Law as amended by Law 70(I) of 2003 regulate mergers of public companies in line with European practices.
(c) Sections 201I – X of Companies Law as amended by Law 186(I) of 2007 harmonized national law with EU Directive 2005/56 on cross border mergers of limited liability companies opening route for cross-border mergers between companies incorporated in Cyprus and companies in the EU.
2. Law Relating to Control of Concentrations between Enterprises, No. 22(I)/1999 as amended by Law 107(I) of 1999 which incorporates the well-known EU policy to promote competition and fight monopolization.
3. Law Relating to the Maintenance and Safeguarding of Employees’ Rights in the event of Transfers of Undertakings, Facilities or Parts of Business or Facilities No. 104(I)/2000 which incorporates the European Directives 82/891 EEC and 77/187 EEC that safeguard the employees’ rights in the event of transfers of undertakings, businesses or parts of businesses.

What is the scope of each Law referred to above?

Section 198 of Companies Law regulates compromises between the majority of a company’s creditors which may then be imposed on all its creditors, and enables class rights of company members to be varied where no provision otherwise exists to vary them. It should be noted that such a scheme cannot be sanctioned by court if it is ultra vires to the company or contrary to Cyprus law. This section governs schemes of both a going concern and a company in the process of liquidation. A “compromise” presupposes the existence of a dispute, whereas the meaning of an “arrangement” is not to be limited to a compromise.
Section 200 of Companies Law provides for the reconstruction of any company or companies or the amalgamation of any two or more companies and how this can be sanctioned and approved by Court. Finally, section 201 of the Companies Law provides for the transferee company to acquire the shares of shareholders dissenting from the scheme or contract of reconstruction that has been approved by the majority.

Sections 201A – H of the Companies Law govern a merger by absorption of one or more public companies by another public company, the merging of public companies by creating a new company and the division of public companies.
Section 201I – X of Companies Law, incorporates EU Directive 2005/56/EC into national law and regulate cross – border mergers, that is cross border merger of companies which have been incorporated in accordance to the laws of a member state and have their registered office within the EC under the condition that at least two of these companies are governed by the law of different member states. More specifically it regulates the following mergers:
(a) a merger by acquisition of one or more companies by another company that takes place either (i) where one or more limited liability companies are wound up without going into liquidation and transfer to an existing company all their assets and liabilities in exchange for the issue of shares in the acquiring company to the shareholders and a settlement amount in cash payment not exceeding 10 % of the nominal value and where they have
no nominal value , of their accounting par value (ii) where a limited liability company is wound up without going into liquidation and transfers all of its assets and liabilities to a liability company which is the holder of all the shares or securities representing its share capital and (b) a merger by the formation of a new company whereby two or more limited liability companies are wound up without going into liquidation and transfer to new a company that they set up, all their assets and liabilities in exchange for the issue to their shareholders of shares in the new company and a settlement amount in cash payment, if any, not exceeding 10% of the nominal value of the shares so issued or, where they have no nominal value, of their accounting par value. Under the Companies Law, a cross border merger may only take place between companies for which merger is permitted in accordance to the provisions of the national law of the member state in which they are incorporated. The scope of the Control of Concentration Law is to concentrations that are considered to be of major importance and that is when the aggregate turnover of the business of at least two of the participating enterprises exceeds the 2 million Cypriot pounds (€3.417.203) and the commercial activities of at least of one of the participating enterprises of the concentration in question must be within the Republic of Cyprus and the aggregate turnover of the business of all the participating enterprises regarding the supply of goods or services within the Republic of Cyprus must be at least 2 million Cypriot pounds (€3.417.203) jointly. The Law Relating to the Maintenance and Safeguarding of Employees’ Rights in the event of Transfers of Undertakings, Facilities or Parts of Business or Facilities N.104(I)/2000 governs transfers of businesses or parts of these businesses to a new employer as a result of the legal transfer or merger.

How does each Law operate?

The Companies Law

A compromise or arrangement between a company and its creditors or any class of them pursuant to section 198 of Companies Law must be approved by ¾ in value of the creditors and sanctioned by Court, to be binding on all creditors, the company or even the liquidator as the case may be. When summoning the creditors to approve the scheme, they should receive a statement explaining the effect of the compromise or arrangement and in particular stating any material interests of the directors of the company and the effect of such compromise. A scheme for the reconstruction and amalgamation of a company pursuant to section 200 of Companies Law also needs to be approved by Court. The Court in approving such a reconstruction may make provision for whole or part of the undertaking and of the property or liabilities of any company concerned in the scheme to be transferred to another company. The Court may also make provision about the allotment or appropriation of shares, debentures, policies and other like interests by the transferee company to any person, the continuation by or against the transferee company of any legal proceedings pending against or by the transferor as well as such incidental, the dissolution, without winding up, of any transferor company as well as consequential and supplemental matters as are necessary to secure that the reconstruction or amalgamation shall be effectively and fully carried out.
To give effect to the reconstruction, a scheme is set out by the auditors of the companies who are also responsible for the scheme’s approval by the Income Tax Authorities which in turn need to confirm that there will be no tax complications with the proposed reorganization. The board of directors of each of the related company should pass a resolution setting out the reorganization plan as prepared by the auditors. Each of the companies involved in the reorganization should then apply to the court by summons, requesting the court to convene meetings of the parties concerned.
(a) The court by an order will give directions as to the way the meetings will be convened.
(b) Thereafter, a notice for the meeting should be sent to the shareholders and/or creditors together with a statement which explains the effect of the scheme, and stating any material interests of directors.
(c) The general meeting of the shareholders is then held and a majority representing 3/4 in value of those of shareholders present and voting in general meeting is needed to pass such resolution.
(d) Once the general meeting approves the scheme, a petition is presented to court for final approval of the scheme. In practice, the Court may exempt the companies from convening such meetings if proof is shown that the reorganization is unanimously approved.
(e) Upon its approval by the court, the scheme is binding on the company and on all parties concerned.

To have binding force, such an order must be delivered to the Registrar of Companies for registration within 7 days. The procedure for mergers of public companies is the same as described above, although as per sections 201 A – H of Companies Law also require the directors of the participating companies to prepare a merger plan which should include the name, form and registered office of the company, the relationship of the transfer and exchange of the shares and the total of the merged amount in cash, how the shares will be distributed, the date after which the shares provide the right of participation in profits, the date after which the acts of the absorbed or divided company are considered to have been done on behalf of the absorbing or the benefited company, the rights that are guaranteed by the absorbed or the benefiting company and all the special privileges that are provided to the experts;
If the absorbing company already possesses less than 90% of the shares of the absorbed company, this plan should be accompanied by a detailed written report by the directors, which explains and justifies the plan financially, and this plan should be examined by independent experts appointed by the court. The company should also provide sufficient protection to its creditors.
The procedure to be followed in respect to cross – border mergers is as follows:
(a) The directors must draft and approve the proposed terms of the merger, be filed with the Registrar of Companies and be published one month before a general meeting is called.
(b) Then, a general meeting will be called where the members of the Company are called to approve the merger plan.
(c) Once approved, the next step is that the company must obtain a Court Certificate via a court application stating that the pre-merger acts and formalities have taken place and are satisfied (“1st Court Order”).
(d) A similar pre-merger certificate must be obtained by each merging non-Cypriot company in its own jurisdiction;
(e) Within 6 months of the issue of the 1st Court Order, a second Court Certificate must be obtained by which the Court will approve the legality of the completion of the merger and if the methods of participation of the employees in relation to each merging Cyprus Company have been followed in accordance to s.201W of Companies Law and in accordance to national legislation for every merging non-Cypriot company, and set a date on which the Cross-Border Merger shall be deemed to take effect (“2nd Court Order”).
Every merging Cyprus company must deliver an official copy of the 2nd Court Order to the Registrar of Companies in Cyprus for registration and publication and the Registrar shall then remove any Cyprus companies which have been absorbed in the merger from the Register of Companies and shall refer to the date of the commencement of the cross border merger.

The Concentration of Business Law

The procedure to be followed when a concentration is classified as of major importance and therefore falling in the ambit of the Concentration of Businesses Law is for a notification of the proposed concentration to be filed with the Commission for the Protection of Competition (‘the CPC’). The CPC evaluates the concentration in question and decides if it is harmful to the competitiveness of the Cyprus market or whether it or if it dominates the market. The notification must be filed within one week from the date of the conclusion of the agreement for concentration or the publication of the relevant purchase or exchange or the acquisition of the securities which ensures the control of the business. The notification includes detailed account of the companies’ shares in the Cyprus market, a detailed account of the concentration and argument as to why the concentration is in conformity with healthy competition principles.
Once the notification is filed, and it is determined that the concentration falls within the Law, a notice is publicized in the Official Gazette. Then, the Competition and Consumer Protection Service submits a report to the CPC as to whether the concentration in question is creating a dominant position in the Cyprus market. The CPC ought to reach its decision and to notify the participating parties of it within one month of the date of filing of the notification or the date of the filing of the additional missing documents. In case the CPC decides that the concentration in question is dominating the market, then a full investigation is undertaken.

The Maintenance of Employees’ Rights Law

The Law Relating to the Maintenance and Safeguarding of Employees’ Rights obliges the companies involved in a merger, that is the old and new employer companies, to inform the employees that are affected by the merger of the date of the merger, the reasons for merging, the legal and social consequences of such merger and the measures to be taken with respect to the employees. The Law provides for the rights of the employees to be protected and maintained by the new employer.

Which are the advantages and or disadvantages of the merger legislation, includingany tax benefits?

Cy Shortform

Profits from the transfer of assets by reason of reorganization do not trigger tax implications to the transferring company. Furthermore, reorganizations fall outside the scope of VAT and there is a stamp duty exemption on agreements concluded for reorganization purposes. Lastly there is a capital gains tax exemption on profits deriving from the transfer of immovable assets in the course of reorganization as well as a transfer fees exemption on the transfer of immovable assets and mortgage fees exemption when transferring mortgaged property from a company to another in the course of reorganization.

The effectiveness of a merger from a tax prospective, however, depends upon the drafting of a reorganization plan and the issuance of a reorganization certificate by the Inland Revenue.
Considering that the above tax exemptions also apply to cross – border mergers, the advantages of having the merger directive in conformity with domestic legislation in Cyprus allows many organizations to reorganize their existing corporate and tax strategies. As to the Concentration of Business legislation with respect to competition the thresholds in place that trigger notification are too wide in scope, forcing many parties to notify a transaction to the CPC that has absolutely no competition effect in Cyprus whatsoever.
As a result, companies that have no real connection with Cyprus want to proceed with a planned concentration but first need the approval of the CPC that is often burdened by notification reviews irrelevant to the Cyprus market and take up time that would be better spent on considering concentrations that raise genuine market concerns.

• Land
• People
• Economy
• Government and society
• Cultural life
• History
  • Earliest periods
  • External political influences
    • Hellenistic and Roman rule
  • The Republic of Cyprus

Our editors will review what you’ve submitted and determine whether to revise the article.

Ct Short Form Power Of Attorney Statute

Ct Short Form Financial Affidavit

Cyprus, Greek Kípros, Turkish Kıbrıs, an island in the eastern Mediterranean Sea renowned since ancient times for its mineral wealth, superb wines and produce, and natural beauty.

Ct Short Form Poa

A “golden-green leaf thrown into the Sea” and a land of “wild weather and volcanoes,” in the words of the Greek Cypriot poet Leonidas Malenis, Cyprus comprises tall mountains, fertile valleys, and wide beaches. Settled for more than 10 millennia, Cyprus stands at a cultural, linguistic, and historic crossroads between Europe and Asia. Its chief cities—the capital of Nicosia, Limassol, Famagusta, and Paphos—have absorbed the influences of generations of conquerors, pilgrims, and travelers and have an air that is both cosmopolitan and provincial. Today Cyprus is a popular tourist destination for visitors from Europe, favoured by honeymooners (as befits the legendary home of Aphrodite, the ancient Greek goddess of love), bird-watchers drawn by the island’s diversity of migratory species, and other vacationers.

In 1960 Cyprus became independent of Britain (it had been a crown colony since 1925) as the Republic of Cyprus. The long-standing conflict between the Greek Cypriot majority and the Turkish Cypriot minority and an invasion of the island by Turkish troops in 1974 produced an actual—although internationally unrecognized—partition of the island and led to the establishment in 1975 of a de facto Turkish Cypriot state in the northern third of the country. The Turkish Cypriot state made a unilateral declaration of independence in 1983 and adopted the name Turkish Republic of Northern Cyprus. Its independence was recognized only by Turkey.

Cy Short Form

Land

Cyprus lies about 40 miles (65 km) south of Turkey, 60 miles (100 km) west of Syria, and 480 miles (770 km) southeast of mainland Greece. Its maximum length, from Cape Arnauti in the west to Cape Apostolos Andreas at the end of the northeastern peninsula, is 140 miles (225 km); the maximum north-south extent is 60 miles (100 km). It is the third largest Mediterranean island, after Sicily and Sardinia.

Relief

The rugged island of Cyprus resembles a saucepan, with the handle extending northeastward from the main part. The general pattern of its roughly 400-mile (640-km) coastline is indented and rocky, with long, sandy beaches. The Kyrenia Mountains—the western portion of which is also known as the Pentadaktylos for its five-fingered peak—extend for 100 miles (160 km) parallel to and just inland from the northern coast. It is the southernmost range of the great Alpine-Himalayan chain in the eastern Mediterranean; like much of that extensive mountain belt, it is formed largely of deformed masses of Mesozoic limestone.

The Troodos Mountains in the south and southwest are of great interest to geologists, who have concluded that the range, made up of igneous rock, was formed from molten rock beneath the deep ocean (Tethys) that once separated the continents of Eurasia and Afro-Arabia. The range stretches eastward about 50 miles (80 km) from near the island’s west coast to the 2,260-foot (689-metre) Stavrovouni peak, about 12 miles (19 km) from the southeastern coast. The range’s summit, Mount Olympus (also called Mount Troodos), reaches an elevation of 6,401 feet (1,951 metres) and is the island’s highest point.

Between the two ranges lies the Mesaoria Plain (its name means “Between the Mountains”), which is flat and low-lying and extends from Morphou Bay in the west to Famagusta Bay in the east. Roughly in the centre of the plain is Nicosia. The plain is the principal cereal-growing area in the island.

Ct Short Form Power Of Attorney

Drainage and soils

The major rivers in Cyprus originate in the Troodos Mountains. The Pedieos, which is the largest, flows eastward toward Famagusta Bay; the Serakhis flows northwestward and the Karyotis northward to Morphou Bay; and the Kouris flows southward to Episkopi Bay. The rivers are fed entirely from the runoff of winter precipitation; in summer they become dry courses. The island’s major soil types consist of imperfect, gravelly lithosols found in the Troodos and Kyrenia mountains and agriculturally productive vertisols located in the Mesaoria Plain and along the southeastern coast. Other, less-productive soils include solonchaks and solonetz soils. These latter are found only in isolated saline pockets throughout the island.

Climate

Cyprus has an intense Mediterranean climate, with a typically strongly marked seasonal rhythm. Hot, dry summers (June to September) and rainy winters (November to March) are separated by short autumn and spring seasons (October and April to May, respectively) of rapid change. Autumn and winter precipitation, on which agriculture and water supply depend, is variable. Average annual precipitation is about 20 inches (500 mm). The lowest average precipitation of 14 inches (350 mm) occurs at Nicosia, and the highest, 41 inches (1,050 mm), is on Mount Olympus. Summer temperatures in Nicosia range between an average daily maximum of 98 °F (37 °C) and an average daily minimum of 70 °F (21 °C); in winter the range is between 59 °F (15 °C) and 41 °F (5 °C). From December to March the Troodos range experiences several weeks of below-freezing night temperatures, and snowfall is considerable.

Plant and animal life

There is a narrow fertile plain along the northern coast, where the vegetation is largely evergreen and includes olive, carob, and citrus trees. The Troodos range has pine, dwarf oak, cypress, and cedar forest coverings. The southern and western slopes are extensively planted with vineyards. Between autumn and spring the Mesaoria Plain is green and colourful, with an abundance of wildflowers, flowering bushes, and shrubs; there are also patches of woodland in which eucalyptus and various types of acacia, cypress, and lowland pine are found. Orange plantations dot the island’s northwestern end in the area around Morphou.

Fossil remains of elephants and hippopotamuses have been found in the Kyrenia area, and in ancient times there were large numbers of deer and boar. The only large wild animal now surviving is the agrino, a subspecies of wild sheep related to the mouflon of the western Mediterranean; it is under strict protection in a small forested area of the Troodos range. Small game is abundant but keenly hunted. Snakes were widespread in ancient times, giving the island the name Ophiussa, “the Abode of Snakes”; they are now relatively rare. Green and loggerhead turtles, which are protected by law, breed on the beaches along the coast.

Cyprus lies on major migration routes for birds. In spring and autumn millions pass over the island, while many species winter there. Among the numerous resident species are francolin and chukar partridges.

• ¹Twenty-four seats reserved for Turkish Cypriots are not occupied.
• ²The new Turkish lira (YTL) was removed from circulation on January 1, 2010, and replaced by the Turkish lira (TL).
• ³Includes 160,000–170,000 immigrants (mostly from Turkey); excludes approximately 2,600 British military in the Sovereign Base Areas (SBA) in the Republic of Cyprus and approximately 920 UN peacekeeping troops.