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Selling on - Cyprus

Updated 08/2009

Legal requirements

             Transferring a business to a third party or another company is a viable alternative option for a retiring business owner.

Business transfers: a step-by-step guide

A business may transfer all its assets and liabilities to another company after informing its creditors of its decision to transfer ownership of the business.

The Registrar then registers and issues an agreement for the transfer of the business's interested parties.

Registration of the transfer agreement, as administered under Cyprus's Cooperative Societies              Acts, provides adequate proof of the transfer of all the transferring business's assets and liabilities to the new owners. Transfers do not affect the rights of creditors.

  • Legislation on cooperative societiespdf [2 MB] ελληνικά

Within a period of fifteen days of the date of effective commencement of the transfer, creditors of the business being transferred are sent full details relating to the business's transfer and its new owners.

Taking over an existing company is a worthwhile alternative to setting up a new business.

Administrative procedures

One-stop shop

The Department of the Registrar of Companies and Official Receiver of the Ministry of Commerce deals with the registration, monitoring, control, and deregistration of domestic businesses, foreign, companies, cooperatives and trade names.

Business transfer procedures

           Personal companies are advised to contact the Department of the Registrar of Companies and Official Receiver of the Ministry of Commerce, Industry and Tourism for useful advice and information.

The transfer of shares and the change of directors consists of forms HE57 and HE4, which have to be completed by the companies themselves.

  • Applpication form for the transfer of private company sharespdf [371 KB] ελληνικά

Check also the legislation on this topic in:

  • References

    Legal texts

    • Cooperative Societies Acts, 1985-2003pdf [2 MB] ελληνικά

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Further help

The Authority for the Supervision and Development of Cooperative Societies of the Ministry of Commerce, Industry and Tourism is responsible for cooperative societies and the services they offer. Interested parties may apply to the authority for advice in relation to cooperatives.

The Companies Division of the Department of the Registrar of Companies and Official Receiver of the Ministry of Commerce deals with domestic businesses, foreign companies, partnerships and trade names. Interested parties may seek advice and support on commercial operations in all sectors of the economy.