The new legal framework introduces obligations for lobbyists involved in such processes, officials within the state agency or the wider public sector and employees for the benefit of officials, who, by virtue of their position, take part in the above interactions. Applications for registration as lobbyists will be examined by the IAAC, and upon approval, registered lobbyists will have to abide and agree to the set Code of Conduct. IAAC plans to proceed to a gradual implementation, focusing, initially on registering individuals in the Lobbyists’ Register, while the obligations for lobbyists won’t be in effect until early 2024. This phased approach ensures a smooth transition and simultaneous implementation of obligations for both officials and lobbyists.

As a firm, we are regularly appointed to provide services including contracts with governmental institutions and public authorities, demonstrating a solid record of successes. We look forward to the developments in this sphere and remain available to assist our clients in their relevant engagements and provide advice on the legal framework that may be applicable.

For more information or to discuss your business needs you may contact us directly at:

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The Legal 500 platform is the world’s leading legal directory, and the most recognized clients guide to the best law firms. Legal 500 analyses capabilities of law firms across the world, with a comprehensive research programme revised and updated every year, to bring the most up-to-date vision of the global legal market.

Our firm profile features our Core Legal Services and Alternative Legal Products, our lawyers’ profiles and Client Testimonials with organizations and entities we have recently collaborated with.

With our operations in Greece and Cyprus and a focused strategy of specialization, we pride ourselves in representing a new way of thinking around the establishment and operation of modern law firms.

You can read more about our diverse expertise and services in cutting edge fields, by clicking the link below.

Legal500 Profile: DS Partners Law Firm

For more information or to discuss your business needs you may contact us directly at:

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The Department has specified that, once the final solution is implemented, a one-month grace period will be granted for verifying and updating the information that has been previously recorded in the interim system and has now been transferred to the final one. During this period, requests for exemptions from information disclosure and due diligence procedure justification must also be submitted.

After the expiration of the one-month grace period, fines will be imposed automatically through the UBO electronic system for non-compliant entities. Regardless of criminal liability or prosecution of individuals, the non-compliant legal entity, along with its officers, may be fined €200 initially and an additional €100 for each day the violation persists, up to a maximum total fine of €20,000. It is important to note that legal entity officers will not be subject to financial penalties if they demonstrated due diligence in complying with the provisions of the applicable laws and regulations and the violation is not a result of their own act, omission or negligence.

For more information or to discuss your business needs you may contact us directly at:

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The amendments have introduced a new Part of the Law dedicated to VCICs (Part XA) and include newly adopted provisions that regulate, among others:

• the required sections that must be included in the Memorandum & Articles of Association in relation to the share capital of VCICs, to be indicated as prescribed in Table E of Annex I of the Law;
• the ability to convert the share capital of a limited liability company to a VCIC without par value through the submission of a relevant notification to the Registrar of Companies (“Registrar”);
• the procedure to be followed for the amendment of the Memorandum of a VCIC in relation to its share capital and/or the rights attributed to different classes of shares; and
• the redemption of shares to take place in accordance with the constitutional documentation of the VCIC.

The Law further provides that registered VCICs are obliged, within a period of 12 months from the date of adoption of the Amendment Law – being 05 November 2021, to submit the required amendments to their constitutional documentation to the Registrar to avoid the imposition of any applicable penalties.

CySEC has further issued a reminder on 01 September 2022 addressed to all applicable entities to proceed with the adoption of the required amendments, ahead of the expiration of the adjustment period (on 05 November 2022).

We prompt all VCICs to proceed with the amendments of their constitutional documentation the soonest possible. Our team stands ready to assist you with any enquiries.

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The trainee lawyer will have the opportunity to work on a diverse portfolio of both national and international projects and gain experience in the areas of expertise of our firm. DS Partners Law offers invaluable experience to up-and-coming lawyers looking to advance their career path.

Candidate Requirements:

• Bachelor of Laws (LLB).
• Master of Laws (LLM) will be considered an advantage.
• Fluency in Greek and English, oral and written; additional languages will be considered an advantage.
• Computer Skills: Microsoft Outlook, Microsoft Word & PowerPoint, Excel.
• Efficient time management and team cooperation.

Key Duties:

• Formulating legal documents and agreements.
• Assisting in legal research and case study.
• Attending court sessions and client meetings.

Starting Date: September 2022

Interested candidates should submit their CV to info@dspartners.law. All applications will be treated with confidentiality.

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Every company that is incorporated and registered under the Cyprus Companies Law, Cap.113 must “keep proper books and records at the company’s registered office or at any place designated by the directors”. However, the law does not include an exhaustive list of documentation or records that should be kept, nor does it explicitly dictate the duration for which such records should be preserved or maintained in file.

In the absence of a “one rule fits all” and/or a consolidated legislation to govern such requirements, provisions on record keeping are found scattered in legislation. 

As a result, deciding whether a document may be eligible for destruction or whether it should be retained is not a straightforward process. What is of outmost importance is to examine each document in the context for which it has been prepared and in conjunction with the legislative provisions that may be applicable to it. Indicatively,

The Limitation of Actions Law (Law 66(I)/2012) sets out the time period within which a claim can be brought against Court, also specifying the time limitations prescribed by law. The Limitation of Actions Law serves as an initial indication of the timeframe for which it is prudent to retain documentation. Depending on the nature of the right the time period and limitations vary, also depending on the legislation relevant to the claim (i.e. whether it is a civil or criminal claim).

The Cyprus Companies Law, Cap.113 provides that a Cyprus company is required to maintain, for its entire active time as well as for a set period after its dissolution or winding-up:

• Accounting Books and supporting documents (such as loan or financing documentation);
• Minute Books (including Board of Directors, Shareholders and Annual General Meetings);
• Corporate registers (detailing members’ information, director and secretary appointments and shareholders); and
• Instruments (such as instruments of transfers of shares etc.).

The Cyprus Tax Laws (for direct and indirect taxation, including but not limited to, the Income Tax Law and the Value Added Tax Law) set out the time period for which a company must maintain accounting records for income tax and VAT purposes.

The Prevention and Suppression of Money Laundering and Terrorist Financing Law (the “AML Law”) (Law 188(1)/2007, as subsequently amended) lists the time periods and documentation that an “obliged entity” (as this is defined therein) must preserve, following (i) the end of the business relationship with a customer, and (ii) the end of a transaction.

In the ambit of the recent amendments of the AML Law further emphasis is given to the need for enhanced scrutiny so as to prevent the misuse of legal entities and legal arrangements, including their facilitation for tax avoidance. It is provided that the information on beneficial ownership should remain available for a minimum of five years, even after the grounds for registering beneficial ownership information of the trust or similar legal arrangement have ceased to exist. This period may be extended for the purposes of facilitation of criminal or administrative proceedings from regulatory or supervisory authorities.

If you would like to find out more about your company’s record-keeping requirements as these derive from Cyprus laws or would like to discuss your specific needs, please contact us:

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