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This review was conducted by Companies House, Insolvency Service and National School of Government International experts of the UK Government with the aim to improve the Department so that it will operate more efficiently, serving the needs of the business community, both in Cyprus and abroad. The proper function of the Department is an important factor in attracting foreign investments and to boost the economy. The review will cover all three sections of the Department, namely Companies Section, Bankruptcies and Liquidations Section and Intellectual and Industrial Property Section.
The study will examine and review all procedures that are completed daily, based on the companies’ requirements, with the aim to produce suggestions which will simplify and streamline the current processes and the steps required for the registration of new companies. Moreover, the legislative framework will be reviewed, where appropriate, in order to support the implementation of the recommendations for the Department’s efficient organization and operation, particularly concerning the obligation of companies to timely submit the annual returns and financial statements to the Registrar.
The key to the modernization process is the proper functioning of the information technology systems used for processing operations and their full utilization by the "clients" of the Department, for example law firms, accounting and auditing firms, banks etc. Additionally, the review will identify the steps leading to the progressive scanning of all documents for faster process of applications and easier information on companies’ search.
The final review was submitted by the experts' team of the UK Government to the Cyprus Government in December 2013. Following that, on the 30th of April 2014 the Council of Ministers approved the Action Plan for the modernization of the Department of Registrar of Companies and Official Receiver and the establishment of a Project Management Team for the implementation of all relevant actions.
You can find a copy of the review here.
The Project Team circulates Newsletters in order to provide information about the reform progress of the Department. The Newsletters can be found here (in greek only).
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